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New monetarist economics: methods

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  • Stephen Williamson
  • Randall Wright

Abstract

This essay articulates the principles and practices of New Monetarism, the authors' label for a recent body of work on money, banking, payments, and asset markets. They first discuss methodological issues distinguishing their approach from others: New Monetarism has something in common with Old Monetarism, but there are also important differences; it has little in common with Keynesianism. They describe the principles of these schools and contrast them with their approach. To show how it works in practice, they build a benchmark New Monetarist model and use it to study several issues, including the cost of inflation, liquidity, and asset trading. They also develop a new model of banking.

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Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (2010)
Issue (Month): May ()
Pages: 265-302

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Handle: RePEc:fip:fedlrv:y:2010:i:may:p:265-302:n:v.92no.4

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Keywords: Monetary policy;

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  1. Friedman's Legacy: The New Monetarist's View
    by ? in Economist's View on 2013-08-13 17:45:00
  2. Friedman's Legacy
    by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2013-08-13 16:07:00
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Cited by:
  1. Stephen D. Williamson & Randall Wright, 2010. "New Monetarist Economics: models," Staff Report, Federal Reserve Bank of Minneapolis 443, Federal Reserve Bank of Minneapolis.
  2. Aruoba, S. Boragan & Waller, Christopher J. & Wright, Randall, 2011. "Money and capital," Journal of Monetary Economics, Elsevier, Elsevier, vol. 58(2), pages 98-116, March.
  3. Gu, Chao & Guzman, Mark & Haslag, Joseph, 2011. "Production, hidden action, and the payment system," Journal of Monetary Economics, Elsevier, Elsevier, vol. 58(2), pages 172-182, March.
  4. Ed Nosal & Christopher Waller & Randall Wright, 2010. "Introduction to the macroeconomic dynamics: special issues on money, credit, and liquidity," Working Paper Series, Federal Reserve Bank of Chicago WP-2010-14, Federal Reserve Bank of Chicago.
  5. Rocheteau, Guillaume, 2012. "The cost of inflation: A mechanism design approach," Journal of Economic Theory, Elsevier, Elsevier, vol. 147(3), pages 1261-1279.
  6. Randall Wright & Guillaume Rocheteau, 2011. "Liquidity and Asset Market Dynamics," 2011 Meeting Papers 103, Society for Economic Dynamics.
  7. Chu, Angus C. & Kan, Kamhon & Lai, Ching-Chong & Liao, Chih-Hsing, 2014. "Money, random matching and endogenous growth: A quantitative analysis," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 41(C), pages 173-187.
  8. Ed Nosal & Randall Wright, 2010. "Summer workshop on money, banking, payments and finance: an overview," Working Paper Series, Federal Reserve Bank of Chicago WP-2010-15, Federal Reserve Bank of Chicago.
  9. Thornton, Daniel L., 2014. "Monetary policy: Why money matters (and interest rates don’t)," Journal of Macroeconomics, Elsevier, Elsevier, vol. 40(C), pages 202-213.

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