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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.

Suggested Citation

  • James Woods, 2003. ""Money" is the Reserves not the Money," Macroeconomics 0309019, EconWPA, revised 28 Dec 2003.
  • Handle: RePEc:wpa:wuwpma:0309019 Note: Type of Document - PDF; prepared on Linux; to print on Any;

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    References listed on IDEAS

    1. Chari, V V & Christiano, Lawrence J & Eichenbaum, Martin, 1995. "Inside Money, Outside Money, and Short-Term Interest Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(4), pages 1354-1386, November.
    2. Christian Gilles & Pamela A. Labadie & Wilbur John Coleman II., 1996. "A model of the federal funds market," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(2), pages 337-357.
    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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    More about this item


    Monetary Aggregates; Inside Money;

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates

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