The role of money in economies with monetary policy regimes that ignore monetary aggregates
This paper discusses the important issue of price level determinacy from a theoretical and empirical perspective. The theoretical section relies basically on a dynamic aggregate demand aggregate supply (AD-AS) model. In the empirical section, we try to assess the relative importance of money against interest rate in explaining the evolution of the price level in six countries: Australia, Canada, Chile, South Korea, New Zealand and the United States
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- Woodford, Michael, 2007.
"How Important is Money in the Conduct of Monetary Policy?,"
CEPR Discussion Papers
6211, C.E.P.R. Discussion Papers.
- Michael Woodford, 2008. "How Important Is Money in the Conduct of Monetary Policy?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(8), pages 1561-1598, December.
- Michael Woodford, 2007. "How Important is Money in the Conduct of Monetary Policy?," Levine's Working Paper Archive 122247000000001419, David K. Levine.
- Michael Woodford, 2007. "How Important is Money in the Conduct of Monetary Policy?," NBER Working Papers 13325, National Bureau of Economic Research, Inc.
- Michael Woodford, 2006. "How Important is Money in the Conduct of Monetary Policy?," Working Papers 1104, Queen's University, Department of Economics.
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