The Role of Money in New-Keynesian Models
AbstractIn this paper Professor McCalllum reviews the different forms researchers have attempted to introduce a meaningful role of Money in New-keynesian models typically used in the monetary policy analysis at central banks. The paper concludes that, there is still no convincing argument toward the need of including monetary aggregates into the structure of New Keynesian models.
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Bibliographic InfoPaper provided by Banco Central de Reserva del Perú in its series Working Papers with number 2012-019.
Date of creation: Oct 2012
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-10-27 (All new papers)
- NEP-HIS-2012-10-27 (Business, Economic & Financial History)
- NEP-MAC-2012-10-27 (Macroeconomics)
- NEP-MON-2012-10-27 (Monetary Economics)
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