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Doing without money: a critical assessment of Woodford's analysis

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  • C. Rogers

Abstract

Woodford employs an inter-temporal general equilibrium model to examine the properties of the monetary system as it evolves from the use of a physical medium of exchange to an electronic medium. He presents a structure in which cash as a means of payment can be made to vanish at the limit, but where he claims the price level remains determinate. It is shown that Woodford's analysis involves fundamental but still widespread conceptual and methodological errors. His general equilibrium model does not map into the world of electronic money, and his analysis has no implications for the art of central banking. Copyright 2006, Oxford University Press.

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  • C. Rogers, 2006. "Doing without money: a critical assessment of Woodford's analysis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 30(2), pages 293-306, March.
    • Handle: RePEc:oup:cambje:v:30:y:2006:i:2:p:293-306
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    File URL: http://hdl.handle.net/10.1093/cje/bei060
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    Cited by:

    1. Colombier, Carsten, 2011. "Konjunktur und Wachstum [Business cycles fluctuations and long-term growth]," MPRA Paper 104739, University Library of Munich, Germany.
    2. Mark Hayes, 2006. "The Economics of Keynes: A New Guide to The General Theory," Books, Post Keynesian Economics Society (PKES), number nggt.
    3. J.E. King, 2010. "Reflections on the Global Financial Crisis," Chapters, in: Steven Kates (ed.), Macroeconomic Theory and its Failings, chapter 9, Edward Elgar Publishing.
    4. J. E. King, 2010. "Six More Refuted Doctrines: A Comment on Quiggin," Economic Papers, The Economic Society of Australia, vol. 29(1), pages 34-39, March.
    5. Colin Rogers, 2011. "The Failure of Woodford's Model of the Channel System in the Cashless Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(2‐3), pages 553-563, March.
    6. Alexander Tobon & Nicolas Barbaroux, 2015. "Credit and Prices in Woodford's New Neoclassical Synthesis," Economic Thought, World Economics Association, vol. 4(1), pages 21-46, March.
    7. Colin Rogers, 2023. "Central Banking, Monetary Policy and the Future of Money," The Economic Record, The Economic Society of Australia, vol. 99(325), pages 320-322, June.
    8. Eric Kam & John Smithin & Aqeela Tabassum, 2018. "The Long-Run Non-Neutrality of Monetary Policy: A General Statement in a Dynamic General Equilibrium Model," Working Papers 074, Ryerson University, Department of Economics.

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