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It is also shown that there is no systematic relationship between the growth effect of money supply and local determinacy of the balanced growth path.
Based on those findings, we consider the relationship between the determinacy of equilibrium and the growth effect of money supply.
Note that the dynamics of output is only affected by the exogenous money supply.
The model is driven by stochastic shocks to technology, government spending, taxes, and the money supply.
An increase in the money supply will now have effects on the real economy.
The month after the election, the money supply slowed down.
But, in general, money supply may depend on lagged values of such auction market variables even when it does not depend on them contemporaneously.
However, in the initial period of the shock, the price level rises far less than the money supply.
The model consists of three equations, relating such quantities as consumption, production, and the money supply.
If strategies require increased spending, this can be financed by increasing taxes, borrowing or the money supply.
As a normalization, it is assumed that the money supply grows linearly at rate 1 over time.
This can be seen in the highly public battle over money supply growth.
This addition would, however, make steady states (in the ensuing analyses) sensitive to permanent changes in the rate of devaluation or expansion of money supply.
By contrast, in the model with propagation, the nominal price level increases much more slowly, lagging the increase in the money supply for many periods.
Consistent with the early papers, we assume that the money supply grows at a constant rate > 1 (or falls, if < 1).
