; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Monetary Policy in the Presence of a Stochastic Deficit"; ; "batchuser@example.com"; "Bryant, John B.", "Wallace, Neil"; "Federal Reserve Bank of Minneapolis"; "Monetarism", "Inflation", "Deflation", "Accomodation rules", "Debt"; "H62 - National Deficit; Surplus", "E51 - Money Supply; Credit; Money Multipliers"; "In \"Open Market Operations in a Model of Regulated, Insured Intermediaries\" [JPE, February 1980] we show that once-for-all open market purchases need not be inflationary. Here we show this result can carry over to various stationary accommodation rules given stochastic deficits. In particular, the inflationary and deflationary effects of stochastic deficits are not offset by, nor welfare improved by, a monetary policy that leans toward monetarism. Moreover, a constant money growth rule is not in the class of stationary policies given the kind of stochastic deficit we analyze, which by itself is a serious indictment of the monetarist proposal."^^; "Open market operations in a model of regulated, insured intermediaries / John Bryant, Neil Wallace."; "1979-01"; "2018-03-13T20:04:42.858074646+00:00"^^; ; "19790400fedmsr42"; "https://creativecommons.org/licenses/by-nc/4.0/"; "2020-09-08T19:58:34.703357569+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "102", "823"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "123"; "Accomodation rules", "Deflation", "Monetarism", "Debt", "Inflation"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "An updated version of this Working Paper is published as [Staff Report 42](https://doi.org/10.21034/sr.42). "^^; ; "Publication" . ; .