; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Sequential Markets and the Suboptimality of the Friedman Rule"; ; "batchuser@example.com"; "Williamson, Stephen D."; "Liquidity", "Money", "Monetary policy", "Interest", "Interest rates"; "E52 - Monetary Policy", "E50 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General"; "A cash-in-advance model with sequential markets is constructed, where unanticipated monetary injections are nonneutral and can potentially produce large liquidity effects. However, if the monetary authority adheres to an optimal money rule, money should not respond to unanticipated shocks, so that a Friedman rule is suboptimal and the monetary authority does not exploit the liquidity effect. Quantitatively, the model can generate variability in money and nominal interest rates close to what is observed, and can produce data with no obvious evidence of the existence of liquidity effects."^^; "1994-12"; "2018-03-29T18:26:32.462003957+00:00"^^; ; "2021-02-02T21:56:58.787439773+00:00"^^; "Conference Proceeding"; "847"; "Lucas expectations anniversary conference"; "Monetary policy", "Interest rates", "Interest", "Liquidity", "Money"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department."; ; "ConferenceProceeding" . ; .