Woodford and Wicksell on Interest and Prices The Place of the Pure Credit Economy in the Theory of Monetary Policy
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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| Date of creation: | 2004 |
| Handle: | RePEc:uwo:epuwoc:20045 |
| Contact details of provider: | Postal: 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
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- David Longworth, 2003. "Money in the Bank (of Canada)," Technical Reports 93, Bank of Canada.
- Laidler,David, 1999.
"Fabricating the Keynesian Revolution,"
Cambridge Books,
Cambridge University Press, number 9780521641739, February.
- Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521645966, February.
- 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. Full references (including those not matched with items on IDEAS)