; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Monetary Policy in the Presence of a Stochastic Deficit"; ; "batchuser@example.com"; "Wallace, Neil", "Bryant, John B."; "Federal Reserve Bank of Minneapolis"; "This paper presents a welfare analysis of monetary policy rules that differ as regards the extent to which monetary policy accommodates an exogenous, stochastic deficit. Examples show that a nonaccommodating rule, one involving a higher ratio of bonds to currency the higher the deficit, is not necessarily better than rules that accommodate: either a rule involving a constant ratio of bonds to currency or one involving a lower ratio of bonds to currency the higher the deficit. Moreover, the nonaccommodating rule can imply more variation in the price level than the accommodating rules."^^; "1979-04"; "2019-10-21T23:42:55.30944185+00:00"^^; "https://doi.org/10.21034/sr.42"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2020-09-08T20:13:20.780673931+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "102", "823"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "042"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "An earlier version of this Staff Report circulated as [Working Paper 123](https://researchdatabase.minneapolisfed.org/concern/publications/707957642?locale=en)."^^; ; "Publication" . ; .