Stabilization, Accommodation, and Monetary Rules
讨论货币主义反通胀方案中预宣布的货币增长减速计划，指出其刚性规则缺乏对经济变化的应变能力，并引用费希尔和库珀的研究说明这种非应变规则即使在存在时滞时也会导致效率损失。
A central feature of the monetarist approach to the problem of inflation is a preannounced gradual reduction in monetary growth. This reduction is to be sustained until a monetary growth consistent with a zero, or an acceptably low, target rate of inflation is reached. Thereafter, monetary growth is to be held constant at this new rate. The specifics of this prescription differ by the type of monetary measure used for calculating growth rates either highpowered money, a monetary aggregate, or nominal GNP-and by the length of the transition period during which the noninflationary growth is approached.' The prescriptions are alike in ruling out contingent deviations from the plan should economic conditions change, either during the transition period or after the beginning of the constant growth rate rule. The plans are rigid, having no explicit contingencies. This rigidity has been the target of most critiques of monetarism. Stressing the inefficiencies which a noncontingent monetarist rule would entail, many economists have pointed out the advantages of alternative rules which react to economic events in a structured and stable way. Stanley Fischer and J. Phillip Cooper showed, through a series of examples, that these inefficiencies of monetarist rules exist even when lags are