Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 02 Feb 2018 My Price 5.00

Fisher effect

Assume, as in Problem 11.2, that prices are completely unresponsive to unanticipated monetary shocks for one period and completely flexible thereafter. Assume also that y = c − ar and m − p = b + hy − ki hold each period. Suppose, however, that the money supply follows a random walk: mt = mt −1+ ut, where ut is a mean-zero, serially uncorrelated disturbance

(b) Use the result in part (a) to solve for yt, pt, it, and rt in terms of mt−1 and ut.

(c) Does the Fisher effect hold in this economy? That is, are changes in expected inflation reflected one-for-one in the nominal interest rate?

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Maurice Tutor
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Status NEW Posted 02 Feb 2018 07:02 PM My Price 5.00

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