Key points are not available for this paper at this time.
, performed all the computations, and gave very helpful criticisms and suggestions. 'We will not exhaust the possible circumstances under which the monetary authority's control over inflation is very limited in monetarist economies. We will not even touch on the variety of nonmonetarist economies in which this is true. For examples of such nonmonetarist economies and a more general discussion of
Thomas J. Sargent (Tue,) studied this question.