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New Monetarist Economics: models

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  • Stephen D. Williamson
  • Randall Wright

Abstract

The purpose of this paper is to discuss some of the models used in New Monetarist Economics, which is our label for a body of recent work on money, banking, payments systems, asset markets, and related topics. A key principle in New Monetarism is that solid microfoundations are critical for understanding monetary issues. We survey recent papers on monetary theory, showing how they build on common foundations. We then lay out a tractable benchmark version of the model that allows us to address a variety of issues. We use it to analyze some classic economic topics, like the welfare effects of inflation, the relationship between money and capital accumulation, and the Phillips curve. We also extend the benchmark model in new ways, and show how it can be used to generate new insights in the study of payments, banking, and asset markets.

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Paper provided by Federal Reserve Bank of Minneapolis in its series Staff Report with number 443.

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Date of creation: 2010
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Handle: RePEc:fip:fedmsr:443

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Keywords: Money ; Monetary policy;

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  1. New Monetarist Economics: Models
    by Christian Zimmermann in NEP-DGE blog on 2010-03-24 03:19:08
  2. Friedman's Legacy: The New Monetarist's View
    by ? in Economist's View on 2013-08-13 17:45:00
  3. Payment Systems in India
    by paragwaknis in Musings of the Sorts on 2012-08-05 21:20:51
  4. Friedman's Legacy
    by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2013-08-13 16:07:00
  5. Goodwill to Man
    by macroblog in Macroblog on 2013-12-23 20:01:02
  6. Goodwill to Man
    by ? in macroblog on 2013-12-23 20:01:00
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