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The role of money in economies with monetary policy regimes that ignore monetary aggregates

Author

Listed:
  • Victor, Olivo

Abstract

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

Suggested Citation

  • Victor, Olivo, 2011. "The role of money in economies with monetary policy regimes that ignore monetary aggregates," MPRA Paper 41244, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:41244
    as

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    File URL: https://mpra.ub.uni-muenchen.de/41244/1/MPRA_paper_41244.pdf
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    References listed on IDEAS

    as
    1. 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.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Money; monetary aggregates; interest rate; monetary policy; price level;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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