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

  • Laidler, David

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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Article provided by Cambridge University Press in its journal Journal of the History of Economic Thought.

Volume (Year): 28 (2006)
Issue (Month): 02 (June)
Pages: 151-159

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Handle: RePEc:cup:jhisec:v:28:y:2006:i:02:p:151-159_00
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  1. repec:cup:cbooks:9780521645966 is not listed on IDEAS
  2. David Longworth, 2003. "Money in the Bank (of Canada)," Technical Reports 93, Bank of Canada.
  3. repec:cup:cbooks:9780521641739 is not listed on IDEAS
  4. Humphrey, Thomas M., 2003. "Knut Wicksell and Gustav Cassel on the Cumulative Process and the Price-Stabilizing Policy Rule," Journal of the History of Economic Thought, Cambridge University Press, vol. 25(02), pages 199-220, June.
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