The Conduct of Domestic Monetary Policy

@inproceedings{Gordon1983TheCO,
  title={The Conduct of Domestic Monetary Policy},
  author={Robert J. Gordon},
  year={1983}
}
This paper develops the view that monetary policy operates within a set of basic constraints that limit the set of outcomes that it can achieve.These include constraints on aggregate supply behavior that determine how a given path of nominal income growth will be divided between inflation and output growth, as well as "velocity" constraints that influence the path of nominal income growth that will result from any given time path for the monetary base, monetary aggregates, or interest rates.The… 
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  • R. Gordon
  • Economics
    The Journal of Law and Economics
  • 1975
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