| Author: | Bordo, M.D. Filardo, A. |
| Title: | Money still makes the world go round: The zonal view |
| Journal: | Journal of the European Economic Association
2007 : APR/MAY, VOL. 5:2-3, p. 509-523 |
| Index terms: | monetary policy money inflation deflation models |
| Freeterms: | G7 countries |
| Language: | eng |
| Abstract: | Many monetary economists have come to regard the monetary aggregates as obsolete measures of the monetary policy (hereafter as: mon-pol.) stance. To better understand the potential role for money, this paper develops a zonal view of mon-pol. reflecting the historical regularity for the relative informativeness of the quantitative measures of mon-pol. The zones range from high inflation (zone 1) to deep deflation (zone 5). Intermediate zones are moderate inflation (zone 2), low inflation (zone 3), and low deflation (zone 4). |
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