The role of money in economies with monetary policy regimes that ignore monetary aggregates
AbstractThis paper discusses the important issue of price level determinacy from a theoretical and empirical perspective. The theoretical section relies basically on a dynamic aggregate demand aggregate supply (AD-AS) model. In the empirical section, we try to assess the relative importance of money against interest rate in explaining the evolution of the price level in six countries: Australia, Canada, Chile, South Korea, New Zealand and the United States
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 41244.
Date of creation: Jun 2011
Date of revision:
Money; monetary aggregates; interest rate; monetary policy; price level;
Find related papers by JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Michael Woodford, 2008.
"How Important Is Money in the Conduct of Monetary Policy?,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 40(8), pages 1561-1598, December.
- Woodford, Michael, 2007. "How Important is Money in the Conduct of Monetary Policy?," CEPR Discussion Papers 6211, C.E.P.R. Discussion Papers.
- Michael Woodford, 2006. "How Important is Money in the Conduct of Monetary Policy?," Working Papers 1104, Queen's University, Department of Economics.
- Michael Woodford, 2007. "How Important is Money in the Conduct of Monetary Policy?," Discussion Papers 0607-16, Columbia University, Department of Economics.
- Michael Woodford, 2007. "How Important is Money in the Conduct of Monetary Policy?," Levine's Working Paper Archive 122247000000001419, David K. Levine.
- Michael Woodford, 2007. "How Important is Money in the Conduct of Monetary Policy?," NBER Working Papers 13325, National Bureau of Economic Research, Inc.
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