出版社：Institut für Volkswirtschaftslehre, Univ. Hohenheim
摘要：The paper integrates the two-pillar Phillips curve, which explains expected
inflation by the money growth trend, within a simple macro model. A Taylor-like
interest rule contains also a money growth target. The model takes into account
serially correlated supply and money demand shocks; the latter induce goods
demand shocks, thereby establishing a feedback mechanism from money to markets
which is missing in the modern New Keynesian approach. Two groups of market
agents are distinguished from which one derives inflation expectations from
money growth trend figures whereas the other builds rational expectations by way
of learning. The inspection of output and inflation variances show that a policy
of reacting to excess money growth requires precise information on shock
characteristics whereas inflationgap and output-gap oriented interest policies
provide more robust stabilization services.
