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Does money matter?

  • Laurence H. Meyer
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    This paper was prepared for the Home Jones Lecture, Federal Reserve Bank of St. Louis, March 28, 2001. The author addresses the influence of monetarism and the role of money in making monetary policy. The monetarist idea that monetary policy has primary responsibility for inflation is now conventional wisdom. However, monetary aggregates are largely absent from models used by policy analysts and from current monetary policy debates (at least in the United States). The author concludes with a discussion of whether current models and current practice undervalue the role of money, specifically noting how monetary aggregates may become important again if market interest rates are driven to zero, as they have been recently in Japan.

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    File URL: http://research.stlouisfed.org/publications/review/01/09/0109lm.pdf
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    Article provided by Federal Reserve Bank of St. Louis in its journal Review.

    Volume (Year): (2001)
    Issue (Month): May ()
    Pages: 1-16

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    Handle: RePEc:fip:fedlrv:y:2001:i:may:p:1-16:n:v.83no.5
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    1. James Clouse & Dale Henderson & Athanasios Orphanides & David Small & Peter Tinsley, 2000. "Monetary policy when the nominal short-term interest rate is zero," Finance and Economics Discussion Series 2000-51, Board of Governors of the Federal Reserve System (U.S.).
    2. Jeff Fuhrer & George Moore, 1993. "Inflation persistence," Finance and Economics Discussion Series 93-17, Board of Governors of the Federal Reserve System (U.S.).
    3. Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," CEPR Discussion Papers 2139, C.E.P.R. Discussion Papers.
    4. Bernanke, Ben & Gertler, Mark, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Working Papers 95-15, C.V. Starr Center for Applied Economics, New York University.
    5. Bennett T. McCallum, 2001. "Monetary policy analysis in models without money," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 145-164.
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