000			02541cam a22003137 4500
001			w0630
003			NBER
005			20211020115429.0
006			m o d
007			cr cnu||||||||
008			210910s1981 mau fo 000 0 eng d
100	1		_aMcCallum, Bennett T.
245	1	0	_aMonetarist Principles and the Money Stock Growth Rule / _cBennett T. McCallum.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1981.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w0630
500			_aFebruary 1981.
520	3		_aGiven the influence of Milton Friedman ,it is hard to keep from identifying "monetarisms" with the advocacy of a policy rule that would require the money stock to grow at a constant rate and prohibit cyclical adjustments in government spending or in tax schedules. This identification is somewhat inaccurate since Karl Brunner and Allan Meltzer, the other two leading proponents of monetarism, have not always been advocates of a constant money growth rate. It may nevertheless he useful to relate one's thoughts about monetarism to Friedman's rule, as will be done in this paper. But the question that immediately arises is, what more fundamental beliefs about the economy give rise to the idea that such a rule would be socially desirable. At this more basic level there may he more agreement among monetarists than about the rule itself. in any event, it appears that there are two basic monetarist propositions that are of crucial importance, as follows. (i) Cyclical and secular movements in nominal income are primarily attributable to movements in the stock of money relative to capacity output. (ii) There is no permanent tradeoff between unemployment and inflation or any other characteristic of the path of the price level -- that is, the natural rate of unemployment hypothesis is valid.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE - Macroeconomics and Monetary Economics _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w0630.
856	4	0	_uhttps://www.nber.org/papers/w0630
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w0630
942			_2ddc _cW-PAPER
999			_c347970 _d306532