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Woodford and Wicksell on Interest and Prices The Place of the Pure Credit Economy in the Theory of Monetary Policy

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Abstract

Knut Wickwell's "pure credit economy" and Michael Woodford's "cashless economy" have much in common whereas Wickwell's model was developed in order to extend an already existing theoretical framewok, Woodford's is presented as constituting, in and of itself, a foundation for the theory of monetary policy. But models of this type are sometimes inadequate guides to policy problems. This conclusion is illustrated with reference to international monetary issues and the so-called "zero-lower bound" problem.

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File URL: http://economics.uwo.ca/epri/workingpapers_docs/wp2004/Laidler05.pdf
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Paper provided by University of Western Ontario, Economic Policy Research Institute in its series University of Western Ontario, Economic Policy Research Institute Working Papers with number 20045.

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Date of creation: 2004
Handle: RePEc:uwo:epuwoc:20045
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Economic Policy Research Institute, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2

Phone: 519-661-2111 Ext.85244
Web page: http://economics.uwo.ca/research/research_papers/epri_workingpapers.html

Keywords: money; credit; currency; interest; inflation;

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Find related papers by JEL classification:
  • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
  • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
  • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
  • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

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  1. David Longworth, 2003. "Money in the Bank (of Canada)," Technical Reports 93, Bank of Canada.
  2. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521641739, November.
  3. Humphrey, Thomas M., 2003. "Knut Wicksell and Gustav Cassel on the Cumulative Process and the Price-Stabilizing Policy Rule," Journal of the History of Economic Thought, Cambridge University Press, vol. 25(02), pages 199-220, June.
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Cited by:

  1. Ronny Mazzocchi, 2013. "Scope and Flaws of the New Neoclassical Synthesis," DEM Discussion Papers 2013/13, Department of Economics and Management.
  2. Nicolas Barbaroux, 2007. "Woodford and Wicksell: a Cashless Economy or a Moneyless Economy Framework ?," Post-Print ujm-00162418, HAL.
  3. Jo Michell, 2014. "Factors generating and transmitting the financial crisis; Functional distribution of income," Working papers wpaper41, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
  4. Barbaroux, Nicolas, 2008. "The Wicksellian Flavour in Macroeconomics," PERFIL DE COYUNTURA ECONÓMICA, UNIVERSIDAD DE ANTIOQUIA - CIE, August.
  5. Alejandro Rodríguez Arana, 2012. "Is it Possible to Go Back to Ad Hoc Macroeconomic Models? The Case of the Romer-Taylor Model," Working Papers 0312, Universidad Iberoamericana, Department of Economics.
  6. Roberto Tamborini, 2006. "Back to Wicksell? In search of the foundations of practical monetary policy," Department of Economics Working Papers 0602, Department of Economics, University of Trento, Italia.
  7. Pedro Garcia Duarte & Gilberto Tadeu Lima, 2012. "Microfoundations Reconsidered," Books, Edward Elgar Publishing, number 14869, July.
  8. Claudio Borio & Piti Disyatat, 2011. "Global imbalances and the financial crisis: Link or no link?," BIS Working Papers 346, Bank for International Settlements.
  9. Pedro Garcia Duarte, 2012. "Not Going Away? Microfoundations in the Making of a New Consensus in Macroeconomics," Chapters,in: Microfoundations Reconsidered, chapter 6 Edward Elgar Publishing.
  10. Pedro Garcia Duarte, 2012. "Not Going Away? Microfoundations in the Making of a New Consensus in Macroeconomics," Chapters,in: Microfoundations Reconsidered, chapter 6 Edward Elgar Publishing.
  11. Ronny Mazzocchi, 2013. "Investment-Saving Imbalances with Endogenous Capital Stock," DEM Discussion Papers 2013/14, Department of Economics and Management.
  12. Ronny Mazzocchi & Roberto Tamborini & Hans-Michael Trautwein, 2009. "The Two Triangles: what did Wicksell and Keynes know about macroeconomics that modern economists do not (consider)?," Department of Economics Working Papers 0906, Department of Economics, University of Trento, Italia.
  13. Yuli Radev, 2015. "New dynamic disequilibrium," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 65-90.
  14. Yuli Radev, 2016. "Dynamic disequilibrium and investment - saving imbalance," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 126-149.

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