We investigate how a positive relation between inflation and capital investment (the Mundell–Tobin effect, MT-E) affects optimal monetary policy in framework that combines overlapping generations new Monetarist models. find rates above the Friedman rule are if only there is an MT-E. In absence of MT-E, optimal. With increasing leads to first-order welfare gain from investment, second-order loss...

Renmin Li 1,2,*, Tao Liu 1,2,3,*, Yimin Zhang 1,2,3,4, Jing Huang 1,2,3 and Chengbao Xu 1,2 1 Hubei Collaborative Innovation Center for High Efficient Utilization of Vanadium Resources, Wuhan 430081, China; [email protected] (Y.Z.); [email protected] (J.H.); [email protected] (C.X.) 2 College of Resource and Environmental Engineering, Wuhan University of Science and Technology, Wuhan 430081, Chi...

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Monetary policy is a modern idea of which David Hume is generally considered a precursor. Moreover, thanks to Milton Friedman and Robert Lucas, he is often presented as one of the first and most illustrious endorser of monetarism. This paper argues against this view, and in agreement with Joseph Schumpeter, that Hume’s contribution to economics, while not insignificant, cannot claim any real no...

It sometimes happens that the data collected are only in rank form within each block or normality cannot be assumed in the randomized block design. In these situations, a nonparametric approach called the Friedman rank test can be utilized. The Friedman rank test is primarily used to test whether c sample groups (i.e., the treatment levels) have been selected from populations having equal media...