"Money" is the Reserves not the Money
AbstractIn this paper I will argue that the institutional implementations that we commonly include in our monetary aggregates are actually more similar to the concept of ``monetary base''. I will also argue that the institutional implementation of accounts payable operates as money. This slightly translated definition implies that a new monetary aggregate that includes accounts payable may be useful for conducting and informing monetary policy.
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Bibliographic InfoPaper provided by EconWPA in its series Macroeconomics with number 0309019.
Date of creation: 26 Sep 2003
Date of revision: 28 Dec 2003
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Monetary Aggregates; Inside Money;
Find related papers by JEL classification:
- E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
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