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The Role of Money in New-Keynesian Models

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  • McCallum, Bennett T.

    (Carnegie Mellon University
    National Bureau of Economic Research)

Abstract

In this paper Professor McCalllum reviews the different forms researchers have attempted to introduce a meaningful role of Money in New-keynesian models typically used in the monetary policy analysis at central banks. The paper concludes that, there is still no convincing argument toward the need of including monetary aggregates into the structure of New Keynesian models.

Suggested Citation

  • McCallum, Bennett T., 2012. "The Role of Money in New-Keynesian Models," Working Papers 2012-019, Banco Central de Reserva del Perú.
  • Handle: RePEc:rbp:wpaper:2012-019
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    File URL: http://www.bcrp.gob.pe/docs/Publicaciones/Documentos-de-Trabajo/2012/documento-de-trabajo-19-2012.pdf
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    References listed on IDEAS

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    1. Bullard, James & Mitra, Kaushik, 2002. "Learning about monetary policy rules," Journal of Monetary Economics, Elsevier, vol. 49(6), pages 1105-1129, September.
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    Cited by:

    1. Akhand Akhtar Hossain, 2015. "The Evolution of Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 14611.

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