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New monetarist economics: methods

  • Stephen Williamson
  • Randall Wright

This essay articulates the principles and practices of New Monetarism, the authors' label for a recent body of work on money, banking, payments, and asset markets. They first discuss methodological issues distinguishing their approach from others: New Monetarism has something in common with Old Monetarism, but there are also important differences; it has little in common with Keynesianism. They describe the principles of these schools and contrast them with their approach. To show how it works in practice, they build a benchmark New Monetarist model and use it to study several issues, including the cost of inflation, liquidity, and asset trading. They also develop a new model of banking.

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Volume (Year): (2010)
Issue (Month): May ()
Pages: 265-302

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Handle: RePEc:fip:fedlrv:y:2010:i:may:p:265-302:n:v.92no.4
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