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Modern central banking from monetary perspective

Maciej Ryczkowski

Ekonomia i Prawo, 2016, vol. 15, issue 4, 547-556

Abstract: Motivation: Cashless or DSGE models did not allow to predict the Great Recession — which may suggest that they omit some important variables like money or credit, for instance. Aim: The paper summarizes changing views on money’s importance in modern monetary policy and reviews pros and cons of assigning any special role to money by central banks. Results: On the basis of literature review and the 2007–2009 crisis experiences, author apposes arguments for possible improvements in monetary policy frameworks. The paper is organized as follows: section 1 reviews some basic facts about monetary aggregates, section 2 presents the methodology of the research, section 3 discusses pros and cons of assigning special relevance to money in central banking, section 4 concludes.

Keywords: money; monetary aggregates; modern central banking (search for similar items in EconPapers)
JEL-codes: E42 E51 E52 E58 (search for similar items in EconPapers)
Date: 2016
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