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Interest Rate and Inflation in Monetary Models with Exogenous Money Growth Rule

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Interest Rate and Inflation in Monetary Models with

Exogenous Money Growth Rule

Patrick Fève

Stéphane Auray

University of Toulouse (GREMAQ and IDEI)

University of Nantes (LEN−−C3E) and GREMAQ

Abstract

This paper assesses the joint behavior of the nominal interest rate and the expected inflation

in flexible and sticky prices monetary models with exogenous money growth rule and

technology shock. We then estimate the relation between the nominal interest rate and the

expected inflation implied by each model. Our results first suggest that both models are able

to account for the data. Beyond, they also cast doubt on the standard interpretation of the

so−−called Taylor rule. It may not necessarily represent a money supply rule describing the

behavior of the central bank, but rather describe an equilibrium relation between the nominal

interest rate and the expected inflation when money supply is exogenously given.

We would like to thank P. Alby, P. Beaudry, F. Collard, M. Dupaigne, R. Farmer, J.P. Florens, J. Ortega and F. Portier for

helpful comments and discussions. The traditional disclaimer applies.

Citation: Fève, Patrick and Stéphane Auray, (2002) "Interest Rate and Inflation in Monetary Models with Exogenous Money

Growth Rule." Economics Bulletin, Vol. 5, No. 1 pp. 1−10

Submitted: January 17, 2002. Accepted: January 24, 2002.

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References

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