The Role of Countercyclical Monetary Policy
分析当企业提前设定名义价格时，最优货币政策如何应对需求冲击和供给冲击，发现固定货币增长规则足以应对需求冲击，而供给冲击下货币增长应顺周期。
When firms set nominal prices in advance, optimal monetary policy insulates aggregate output against shocks to demand. It can do so, however, by following the constant money growth rule advocated by Milton Friedman; it need not respond to the shocks in an actively countercyclical way. In addition, to the extent that output fluctuations are driven by shocks to supply, money growth should be procyclical. Copyright 1996 by University of Chicago Press.