"Money" is the Reserves not the Money

Abstract: 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.

Keywords: Monetary Aggregates; Inside Money (search for similar items in EconPapers)
JEL-codes: E4 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba and nep-mon
Date: Written 2003-09-26
Note: Type of Document - PDF; prepared on Linux; to print on Any;
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