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[unpleasent] spell check #535

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Jul 25, 2024
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[unpleasent] spell check #535

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8 changes: 4 additions & 4 deletions lectures/unpleasant.md
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Expand Up @@ -97,7 +97,7 @@ $\widetilde R \check B_{-1}$ is a *real* quantity, being measured in time $0$ go

### Open market operations

At time $0$, government can rearrange its portolio of debts with subject to the following constraint (on open-market operations):
At time $0$, government can rearrange its portfolio of debts subject to the following constraint (on open-market operations):

$$
\widetilde R B_{-1} + \frac{m_0}{p_0} = \widetilde R \check B_{-1} + \frac{\check m_0}{p_0}
Expand Down Expand Up @@ -152,7 +152,7 @@ running monetary and fiscal policies.

Here, by **fiscal policy** we mean the collection of actions that determine a sequence of net-of-interest government deficits $\{g_t\}_{t=0}^\infty$ that must be financed by issuing to the public either money or interest bearing bonds.

By **monetary policy** or **debt-management policy**, we mean the collection of actions that determine how the government divides its portolio of debts to the public between interest-bearing parts (government bonds) and non-interest-bearing parts (money).
By **monetary policy** or **debt-management policy**, we mean the collection of actions that determine how the government divides its portfolio of debts to the public between interest-bearing parts (government bonds) and non-interest-bearing parts (money).

By an **open market operation**, we mean a government monetary policy action in which the government
(or its delegate, say, a central bank) either buys government bonds from the public for newly issued money, or sells bonds to the public and withdraws the money it receives from public circulation.
Expand Down Expand Up @@ -315,7 +315,7 @@ These parameter settings mean that just before time $0$, the "central bank" sell

That leaves the public with less currency but more government interest-bearing bonds.

Since the public has less currency (it's supply has diminished) it is plausible to anticipate that the price level at time $0$ will be driven downward.
Since the public has less currency (its supply has diminished) it is plausible to anticipate that the price level at time $0$ will be driven downward.

But that is not the end of the story, because this **open market operation** at time $0$ has consequences for future settings of $m_{t+1}$ and the gross-of-interest government deficit $\bar g_t$.

Expand Down Expand Up @@ -418,7 +418,7 @@ plt.xlabel('$m_0$')
plt.show()
```

Now let's write and implement code that let's us experiment with the time $0$ open market operation described earlier.
Now let's write and implement code that lets us experiment with the time $0$ open market operation described earlier.

```{code-cell} ipython3
def simulate(m0, model, length=15, p0_guess=1):
Expand Down