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Monetarism, Bondism, and Inflation
Presents a theoretical analysis of two distinct government deficit-financing policies—"monetarism" and "bondism"—and their implications for achieving a stable, non-inflationary economy. Using a dynamic IS-LM model that incorporates a Phillips curve and adaptive inflation expectations, Smith challenges the conventional monetarist prescription of maintaining a constant growth rate of the money supply. The paper concludes that the commitment to monetize deficits (bondism) can be anti-inflationary in the long run, echoing an earlier argument by Milton Friedman that a bond target provides automatic monetary stabilization.
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| JMCB1402 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | Ohio: Ohio State University Press 1982 |
|---|---|
| Edisi | Vol. 14, No. 2, May, 1982 |
| Subjek | Inflation Monetarism Bondism Deficit-Financing Policy Dynamic IS-LM Model Government Budget Constraint |
| ISBN/ISSN | 00222879 |
| Klasifikasi | NONE |
| Deskripsi Fisik | - |
| Info Detail Spesifik | Journal of Money, Credit and Banking |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas |