Modern Central Banks Only Have Real Effects?

Thomas Rymes

No 04-14, Carleton Economic Papers from Carleton University, Department of Economics

Abstract: This paper surveys the wreckage of modern monetary theory and policy which follow from the disappearance of the modern quantity theory of money, and its empirical counterpart, the modern stock of fiat money.2 In order of significance, the consequences are (1) the disappearance of any optimum money supply policies, (2) vanishing internally consistent costs of inflation and (3) the theoretical revitalization of Keynesian economics stemming from recognition that the common impression Keynes was guilty of theoretical error is not correcting economies where ‘money’ plays a real role.

Pages: 15 pages
Date: 2004-10-20
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Published: Carleton Economic Papers

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Chapter: Modern Central Banks Only Have Real Effects (2004)
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