A note on the neutrality of temporary monetary disturbances

In the classical macroeconomic models constructed by Lucas (1972, 1975) and Barro (1976), monetary aggregates are assumed to be generated by a logarithmic random walk. This specification implies that all monetary growth is (a) unanticipated and (b) permanent.

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Year of publication:	1979
Authors:	Goodfriend, Marvin ; King, Robert G.
Institutions:	Federal Reserve Bank of Richmond
Subject:	Macroeconomics \| Monetary policy

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Extent:	text/html application/pdf
Series:	Working Paper.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 79-02
Source:	RePEc - Research Papers in Economics

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