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Monetary Policy in a World Without Money

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  • Michael Woodford

Abstract

This paper considers whether the development of ‘electronic money’ poses any threat to the ability of central banks to control the value of their national currencies through conventional monetary policy. It argues that, even if the demand for base money for use in facilitating transactions is largely or even completely eliminated, monetary policy should continue to be effective. Macroeconomic stabilization depends only upon the ability of central banks to control a short‐term nominal interest rate, and this would continue to be possible, in particular through the use of a ‘channel’ system for the implementation of policy, like those currently used in Canada, Australia and New Zealand.

Suggested Citation

  • Michael Woodford, 2000. "Monetary Policy in a World Without Money," International Finance, Wiley Blackwell, vol. 3(2), pages 229-260, July.
    • Handle: RePEc:bla:intfin:v:3:y:2000:i:2:p:229-260
    DOI: 10.1111/1468-2362.00050
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    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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