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Doing Without Money: Controlling Inflation in a Post-Monetary World

Michael Woodford ()

Working Papers from Stockholm - International Economic Studies

Abstract: Central banks now generally agree that conventional monetary aggregates are of little use as targets or even indicators for monetary policy, owing to the instability of money demand relations in economies with well-developed financial markets.But monetary theory has provided little guidance for the analysis of policies that are not formulated interms of a path for the money supply, and a stable money demand relation is generally assumed as a central element of a theoretical analysis. This paper, instead, shows that it is possible to analyze equilibrium inflation determination without any reference to either money supply or demand, as long as one specifies policy in terms of a "Wicksellian" interest-rate feedback rule.

Keywords: MONETARY POLICY; INFLATION; MONEY (search for similar items in EconPapers)
JEL-codes: E31 E4 E5 (search for similar items in EconPapers)
Pages: 61 pages
Date: 1997
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Journal Article: Doing Without Money: Controlling Inflation in a Post-Monetary World (1998) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:fth:stocin:632

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