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Monetary regimes: Is there a trade-off between consumption and employment variability?

Matthews, Kent, Meenagh, David, Minford, Patrick and Webb, Bruce 2006. Monetary regimes: Is there a trade-off between consumption and employment variability? [Working Paper]. Cardiff Economics Working Papers, Cardiff: Cardiff University.

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Abstract

Macro models generally assume away heterogeneous welfare in assessing policies. We investigate here within two aggregative models - one with a representative agent, the other a long-used forecasting model of the UK - whether allowing for differences in welfare functions (specifically between those in continuous employment and those with frequent unemployment spells) alters the rankings of monetary policies. We find that it does but that a set of policies (money supply targeting implemented by money supply control) can be found that are robust in the sense of avoiding very poor outcomes for either of the two groups.

Item Type: Monograph (Working Paper)
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HB Economic Theory
Publisher: Cardiff University
Date of First Compliant Deposit: 30 March 2016
Last Modified: 20 Jun 2019 20:18
URI: http://orca.cf.ac.uk/id/eprint/77719

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