"Money" is the Reserves not the Money

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"Money" is the Reserves not the Money

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James Woods (Portland State University)

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James Woods

Abstract

In 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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Paper provided by EconWPA in its series Macroeconomics with number 0309019.

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Date of creation: 26 Sep 2003
Date of revision: 28 Dec 2003
Handle: RePEc:wpa:wuwpma:0309019

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Find related papers by JEL classification:
E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates

This paper has been announced in the following NEP Reports:

NEP-CBA-2003-09-28 (Central Banking)
NEP-MON-2003-09-28 (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.:

Coleman, Wilbur John, II & Gilles, Christian & Labadie, Pamela A, 1996. "A Model of the Federal Funds Market," Economic Theory, Springer, vol. 7(2), pages 337-57, February.
Other versions:
- Christian Gilles & Pamela A. Labadie & Wilbur John Coleman II., 1996. "A model of the federal funds market," Economic Theory, Springer, vol. 7(2), pages 337-357.
V. V. Chari & Lawrence J. Christiano & Martin Eichenbaum, 1995. "Inside Money, Outside Money and Short Term Interest Rates," NBER Working Papers 5269, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- V.V. Chari & Lawrence J. Christiano & Martin Eichenbaum, 1995. "Inside money, outside money and short term interest rates," Working Paper Series, Macroeconomic Issues 95-13, Federal Reserve Bank of Chicago.
- V. V. Chari & Lawrence J. Christiano & Martin Eichenbaum, 1994. "Inside money, outside money and short-term interest rates," Proceedings, Federal Reserve Bank of Cleveland, pages 1354-1401.
- Chari, V V & Christiano, Lawrence J & Eichenbaum, Martin, 1995. "Inside Money, Outside Money, and Short-Term Interest Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(4), pages 1354-86, November. [Downloadable!] (restricted)
Richard G. Anderson & Robert H. Rasche, 2000. "The domestic adjusted monetary base," Working Papers 2000-002, Federal Reserve Bank of St. Louis. [Downloadable!]

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This page was last updated on 2009-11-30.

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