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Re-Examining The Implications Of The New Consensus: Endogenous Money And Taylor Rules In A Simple Neoclassical Macro Model

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Author Info
Peter Docherty

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Abstract

This paper re-examines the impact of endogenous money in a neoclassical model with interest-sensitive expenditures. It first outlines a benchmark model with exogenous money and the usual full employment and money growth-determined inflation results. It then replaces exogenous money with endogenous money, which is shown to generate model indeterminacy. Two methods of resolving this indeterminacy are then explored: money illusion and a Taylor rule for monetary policy, a key feature of new consensus models. The paper concludes that endogenous money has negative implications for the behaviour and interpretation of neoclassical and new consensus models. Copyright © 2008 The Author. Journal compilation © 2008 Blackwell Publishing Ltd.

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Publisher Info
Article provided by Blackwell Publishing in its journal Metroeconomica.

Volume (Year): 60 (2009)
Issue (Month): 3 (07)
Pages: 495-524
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Handle: RePEc:bla:metroe:v:60:y:2009:i:3:p:495-524

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This page was last updated on 2009-11-22.

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