What is the Monetary Standard

Robert L. Hetzel

No 15-16, Working Paper from Federal Reserve Bank of Richmond

Abstract: The monetary standard emerges out of the interaction of monetary policy with the structure of the economy. Characterization of the monetary standard thus requires specification of a model of the economy with a central bank reaction function. Such a specification raises all the fundamental issues of identification in macroeconomics.

JEL-codes: E50 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2015-11-09
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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