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Doing Without Money: A Critical Assessment of Woodford's Analysis

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  • Colin Rogers

    (School of Economics, University of Adelaide)

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    Abstract

    Woodford employs an inter-temporal general equilibrium model to examine the properties of the monetary system as it evolves form 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.

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    File URL: http://www.economics.adelaide.edu.au/research/papers/doc/wp2004-05.pdf
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    Bibliographic Info

    Paper provided by University of Adelaide, School of Economics in its series School of Economics Working Papers with number 2004-05.

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    Length: 32 pages
    Date of creation: 2004
    Date of revision:
    Handle: RePEc:adl:wpaper:2004-05

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    Web page: http://www.economics.adelaide.edu.au/
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    Related research

    Keywords: electronic money; cashless limit; Hahn property; accounting systems of exchange;

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