THE FRIEDMAN RULE: EXPERIMENTAL EVIDENCE
基于实验室经济评估弗里德曼最优货币政策规则，发现其福利效果并不优于固定货币供给制度，而固定比例货币增长制度表现最佳。
Abstract We evaluate the Friedman rule for optimal monetary policy in a laboratory economy based on Lagos–Wright ( Journal of Economic Theory 145 (2010), 1508–24). We explore two implementations of Friedman's rule: one involving deflationary monetary policy and another where interest is paid on money. We compare the welfare consequences of the Friedman rule with two other policies: a constant money supply regime and a regime where the money supply grows at a constant k %. Counter to theory, we find that the Friedman rule is not welfare‐improving, performing no better than the constant money regime. By one welfare measure, the k % money growth rate regime performs best.