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Comment on “Price Stability and the Case for Flexible Exchange Rates”

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Notes

  1. It in fact is not exactly a −0.5 interest elasticity, as Schmitt-Grohe and Uribe (2004) point out, but has this value in the case where their parameter is specified at B = 0 and the nominal interest rate is R = 0.

References

  • Baumol WJ (1952) The transactions demand for cash: an inventory-theoretic approach. Q J Econ 66:545–556

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  • Schmitt-Grohe S, Uribe M (2004) Optimal fiscal and monetary policy under sticky prices. J Econ Theory 114:198–230

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Authors and Affiliations

  1. Cardiff Business School, Cardiff, UK

    Max Gillman

  2. Economics Institute, Hungarian Academy of Sciences, Budapest, Hungary

    Max Gillman

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  1. Max Gillman
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Correspondence to Max Gillman.

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Gillman, M. Comment on “Price Stability and the Case for Flexible Exchange Rates”. Open Econ Rev 21, 17–21 (2010). https://doi.org/10.1007/s11079-009-9150-8

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