Woodford and Wicksell on Interest and Prices The Place of the Pure Credit Economy in the Theory of Monetary Policy

David Laidler ()

No 20045, University of Western Ontario, RBC Financial Group Economic Policy Research Institute Working Papers from University of Western Ontario, RBC Financial Group Economic Policy Research Institute

Abstract: Knut Wickwell's "pure credit economy" and Michael Woodford's "cashless economy" have much in common whereas Wickwell's model was developed in order to extend an already existing theoretical framewok, Woodford's is presented as constituting, in and of itself, a foundation for the theory of monetary policy. But models of this type are sometimes inadequate guides to policy problems. This conclusion is illustrated with reference to international monetary issues and the so-called "zero-lower bound" problem.

Keywords: money; credit; currency; interest; inflation (search for similar items in EconPapers)
JEL-codes: E50 E58 B13 B22 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe, nep-ifn, nep-mac and nep-mon
Date: 2004
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Journal Article: Woodford and Wicksell on Interest and Prices: The place of the pure credit economy in the theory of monetary policy (2006)
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