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Woodford and Wicksell: a Cashless Economy or a Moneyless Economy Framework ?

Nicolas Barbaroux ()
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Nicolas Barbaroux: CREUSET - Centre de Recherche Economique de l'Université de Saint-Etienne - Université Jean Monnet - Saint-Etienne - CNRS

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Abstract: Recently, one of the most fruitful debate in monetary macroececonomics that fascinates -and opposed- academics and policymakers has lied in the relevancy of money within the monetary policy analysis. Since the publication of King and Goodfriend 1997's article that gave birth to a new current -the New Neoclassical Synthesis- money seems to be de-emphasized1. A new step has been reached in 2003 with Woodford's monetary treatise that legitimates a Cashless framework. Woodford captures the "implied path of the money supply or the determinants of money demand" (Woodford, 2003, p.237) in the determination of the equilibrium of output and prices, without having to model the volume of money explicitly. Woodford gives his theory a Wicksellian flavour by comparing his cashless economy framework with Wicksell's pure credit economy framework. Such a legacy gives the impression that Wicksell's original writings downgraduated money for the conduct of monetary policy.

Keywords: Monetarism; Monetary Policy; De-emphasis of Money; Monetarism. (search for similar items in EconPapers)
Date: 2007-06-08
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Published in History of Economics Society 2007 Annual Conference, Jun 2007, Fairfax / Virginia, United States. 2007

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