@techreport{Sell2006William,
abstract = {Given all the evidence supporting Milton Friedman's proposition that inflation is now and everywhere
a monetary phenomenon, it seems that we are wrong when we tend to ignore the behaviour
of the monetary aggregates at our peril. The total neglect of information about the monetary aggregates
in the Taylor rule is possibly a strong signal into that erroneous direction. Moreover, so-called
"New Keynesianism" has put forward that there is no more need to treat the money market equilibrium
in an "LM-setting". Our paper goes back to William Poole's seminal paper on interest rate and
money supply rules and extends his earlier work to the open economy, various types of shocks and
to the analysis of cooperative and non-cooperative behaviour of central banks. The results achieved
confirm that the inclusion of the money market equilibrium enhances the possibilities to compare
the costs and benefits of different monetary policy strategies under cooperative or non-cooperative
behaviour.},
author = {Friedrich L. Sell and Silvio Kermer},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {E52; F32; E42; 330; Schockabsorption; Zins- vs. Geldmengenregeln; (Nicht-)Kooperative Geldpolitik bei flexiblen Wechselkursen},
language = {ger},
number = {2006,3},
title = {William Poole in der modernen Makro\"{o}konomik: Exegese des urspr\"{u}nglichen Beitrags und seiner Fortentwicklungen f\"{u}r die offene Volkswirtschaft},
type = {Diskussionsbeitr\"{a}ge / Institut f\"{u}r Volkswirtschaftslehre, Universit\"{a}t der Bundeswehr M\"{u}nchen},
url = {http://hdl.handle.net/10419/23032},
year = {2006}
}
