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"Money" is the Reserves not the Money

  • James Woods

    (Portland State University)

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.

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File URL: http://128.118.178.162/eps/mac/papers/0309/0309019.pdf
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Paper provided by EconWPA in its series Macroeconomics with number 0309019.

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Date of creation: 26 Sep 2003
Date of revision: 28 Dec 2003
Handle: RePEc:wpa:wuwpma:0309019
Note: Type of Document - PDF; prepared on Linux; to print on Any;
Contact details of provider: Web page: http://128.118.178.162

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  1. Christian Gilles & Pamela A. Labadie & Wilbur John Coleman II., 1996. "A model of the federal funds market," Economic Theory, Springer, vol. 7(2), pages 337-357.
  2. V. V. Chari & Lawrence J. Christiano & Martin Eichenbaum, 1994. "Inside money, outside money and short-term interest rates," Proceedings, Federal Reserve Bank of Cleveland, pages 1354-1401.
  3. 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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