Darby, Michael R. <br/><br/>
Some Pleasant Monetarist Arithmetic / 
Michael R. Darby. 
 - Cambridge, Mass.  National Bureau of Economic Research  1984. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w1295 .
 - Working Paper Series (National Bureau of Economic Research)  no. w1295. .
<br/><br/> March 1984. 
<br/><br/> Contrary to the conclusion of Sargent and Wallace, it is possible to exogenously and independently vary monetary and fiscal policy and retain steady-state equlibrium in economies like the United States. In particular,the central bank is not forced to monetize increased deficits either now or in the future. This conclusion is based on the fact that the real after-tax yield on government bonds is considerably less than the growth rate of real income except during brief disinflationary periods. 
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