New monetarist economics: methods

Stephen Williamson and Randall Wright

Review, 2010, vol. 92, issue May, 265-302

Abstract: This essay articulates the principles and practices of New Monetarism, the authors' label for a recent body of work on money, banking, payments, and asset markets. They first discuss methodological issues distinguishing their approach from others: New Monetarism has something in common with Old Monetarism, but there are also important differences; it has little in common with Keynesianism. They describe the principles of these schools and contrast them with their approach. To show how it works in practice, they build a benchmark New Monetarist model and use it to study several issues, including the cost of inflation, liquidity, and asset trading. They also develop a new model of banking.

Keywords: Monetary; policy (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (27)

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Related works:
Working Paper: New Monetarist Economics: methods (2010)
Working Paper: New Monetarist Economics: Methods (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedlrv:y:2010:i:may:p:265-302:n:v.92no.4

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