Why Money Growth Determines Inflation in the Long Run: Answering the Woodford Critique
回应伍德福德的批评，论证在新凯恩斯模型中稳态通胀仍由稳态货币增长决定，而非利率政策规则中的截距项，对宏观经济学和货币政策研究者有参考价值。
Woodford argues that it is not appropriate to regard inflation in the steady state of New Keynesian models as determined by steady‐state money growth. Woodford instead argues that the intercept term in the monetary authority's interest rate policy rule determines steady‐state inflation. In this paper, I offer an alternative interpretation of steady‐state behavior, according to which it is appropriate to regard steady‐state inflation as determined by steady‐state money growth. The argument relies on traditional interpretations of the central bank's power in the long run and appeals to model properties that are common to textbook and New Keynesian analysis. According to this argument, the only way the central bank can control interest rates in the long run is via affecting inflation, and its only means available for determining inflation is by determining the money growth rate.