"Money" is the Reserves not the Money
In this paper I will argue that the institutional implementations that we commonly include in our monetary aggregates are actually more similar to the concept of ``monetary base''. I will also argue that the institutional implementation of accounts payable operates as money. This slightly translated definition implies that a new monetary aggregate that includes accounts payable may be useful for conducting and informing monetary policy.
|Date of creation:||26 Sep 2003|
|Date of revision:||28 Dec 2003|
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"A model of the federal funds market,"
Springer, vol. 7(2), pages 337-357.
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"Inside money, outside money and short-term interest rates,"
Federal Reserve Bank of Cleveland, pages 1354-1401.
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- V.V. Chari & Lawrence J. Christiano & Martin Eichenbaum, 1995. "Inside money, outside money and short term interest rates," Working Paper Series, Macroeconomic Issues 95-13, Federal Reserve Bank of Chicago.
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- Richard G. Anderson & Robert H. Rasche, 2000. "The domestic adjusted monetary base," Working Papers 2000-002, Federal Reserve Bank of St. Louis.
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