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Working Papers

March 1979, No. 79-2

A Note on the Neutrality of Temporary Monetary Disturbances

In the classical macroeconomic models constructed by Lucas (1972, 1975) and Barro (1976), monetary aggregates are assumed to be generated by a logarithmic random walk. This specification implies that all monetary growth is (a) unanticipated and (b) permanent.

Katrina Mullen (804) 697-8145