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| Author: | Woodford, M. |
| Title: | Doing without money: controlling inflation in a post- monetary world |
| Journal: | Review of Economic Dynamics
1998 : JAN, VOL. 1:1, p. 173-219 |
| Index terms: | ECONOMIC DYNAMICS MONEY INFLATION |
| Language: | eng |
| Abstract: | This paper 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. The paper's central result is an approximation theorem, showing the existence, for a simple monetary model, of a well-behaved "cashless limit" in which the money balances held to facilitate transactions become negligible. |
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