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Doing Without Money: A Critical Assessment of Woodford's Analysis

Author

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  • Colin Rogers

    (School of Economics, University of Adelaide)

Abstract

Woodford employs an inter-temporal general equilibrium model to examine the properties of the monetary system as it evolves form the use of a physical medium of exchange to an electronic medium. He presents a structure in which cash as a means of payment can be made to vanish at the limit but where he claims the price level remains determinate. It is shown that Woodford's analysis involves fundamental but still widespread conceptual and methodological errors. His general equilibrium model does not map into the world of electronic money and his analysis has no implications for the art of central banking.

Suggested Citation

  • Colin Rogers, 2004. "Doing Without Money: A Critical Assessment of Woodford's Analysis," School of Economics Working Papers 2004-05, University of Adelaide, School of Economics.
  • Handle: RePEc:adl:wpaper:2004-05
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    File URL: http://www.economics.adelaide.edu.au/research/papers/doc/wp2004-05.pdf
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    More about this item

    Keywords

    electronic money; cashless limit; Hahn property; accounting systems of exchange;

    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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