A Positive Theory of Monetary Policy in a Natural-Rate Model.quot; Working Paper no. 807-英文文献.pdf

A Positive Theory of Monetary Policy in a Natural Rate Model Author(s): Robert J. Barro and David B. Gordon Source: The Journal of Political Economy, Vol. 91, No. 4 (Aug., 1983), pp. 589-610 Published by: The University of Chicago Press Stable URL: /stable/1831069 Accessed: 06/01/2010 12:13 Your use of the JSTOR archive indicates your acceptance of JSTORs Terms and Conditions of Use, available at /page/info/about/policies/terms.jsp. JSTORs Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at /action/showPublisher?publisherCode=ucpress. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. The University of Chicago Press is collaborating with JSTOR to digitize, preserve and extend access to The Journal of Political Economy. A Positive Theory of Monetary Policy in a Natural Rate Model RobertJ. Barro Universityof Chicago and National Bureau of EconomicResearch David B. Gordon Universityof Rochester A discretionary policymaker can create surprise inflation, which may reduce unemployment and raise government revenue. But when people understand the policymakers objectives, these surprises can- not occu