Is The Monetarist Arithmetic Unpleasant?
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The unpleasant monetarist arithmetic of Sargent and Wallace (1981) states that in a fiscally dominant regime tighter money now can cause higher inflation in the future. In spite of the qualifier unpleasant, this result is positive in nature, and, therefore, void of normative content. I analyze
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美国国家经济研究局创建时间：
2016-11-01
