Woodford and Wicksell on Interest and Prices The Place of the Pure Credit Economy in the Theory of Monetary Policy

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Woodford and Wicksell on Interest and Prices The Place of the Pure Credit Economy in the Theory of Monetary Policy

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David Laidler (University of Western Ontario)

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David Laidler

Abstract

Knut Wickwell's "pure credit economy" and Michael Woodford's "cashless economy" have much in common whereas Wickwell's model was developed in order to extend an already existing theoretical framewok, Woodford's is presented as constituting, in and of itself, a foundation for the theory of monetary policy. But models of this type are sometimes inadequate guides to policy problems. This conclusion is illustrated with reference to international monetary issues and the so-called "zero-lower bound" problem.

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Publisher Info
Paper provided by University of Western Ontario, RBC Financial Group Economic Policy Research Institute in its series University of Western Ontario, RBC Financial Group Economic Policy Research Institute Working Papers with number 20045.

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Date of creation: 2004
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Handle: RePEc:uwo:epuwoc:20045

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Article
- David Laidler, 2006. "Woodford and Wicksell on Interest and Prices: The place of the pure credit economy in the theory of monetary policy," Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 28(2), pages 151-159, June. [Downloadable!] (restricted)

Find related papers by JEL classification:
E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (includes Austrian, Marshallian, Walrasian)
B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

This paper has been announced in the following NEP Reports:

NEP-HPE-2004-11-07 (History & Philosophy of Economics)
NEP-IFN-2004-11-07 (International Finance)
NEP-MAC-2004-11-07 (Macroeconomics)
NEP-MON-2004-12-21 (Monetary Economics)

References listed on IDEAS
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.:

David Longworth, 2003. "Money in the Bank (of Canada)," Technical Reports 93, Bank of Canada. [Downloadable!]
Thomas Humphrey, 2003. "Knut Wicksell and Gustav Cassel on the Cumulative Process and the Price-Stabilizing Policy Rule," Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 25(2), pages 199-220, January. [Downloadable!] (restricted)

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Cited by:
(explanations, 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.)

Roberto Tamborini, 2006. "Back to Wicksell? In search of the foundations of practical monetary policy," Department of Economics Working Papers 0602, Department of Economics, University of Trento, Italia. [Downloadable!]
Michael Woodford, 2006. "Comments on the symposium on Interest and Prices," Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 28(2), pages 187-198, June. [Downloadable!] (restricted)

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