The Role of Money in New-Keynesian Models
Bennett McCallum
No 2012-019, Working Papers from Banco Central de Reserva del Perú
Abstract:
In this paper Professor McCalllum reviews the different forms researchers have attempted to introduce a meaningful role of Money in New-keynesian models typically used in the monetary policy analysis at central banks. The paper concludes that, there is still no convincing argument toward the need of including monetary aggregates into the structure of New Keynesian models.
Date: 2012-10
New Economics Papers: this item is included in nep-his, nep-mac and nep-mon
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