search query: @indexterm monetary theory / total: 83
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| Author: | Wallace, N. |
| Title: | Whither monetary economics? Lawrence R. Klein lecture 2000 |
| Journal: | International Economic Review
2001 : NOV, VOL. 42:4, p. 847-869 |
| Index terms: | Monetary economics Monetary theory Econometric models |
| Language: | eng |
| Abstract: | The author argues that monetary economics should be pursued by applying implementation theory to models which contain explicit frictions that make money essential. The argument has two parts. First, the author argues that models in which real balances are assumed to be productive - models with money in utility or production functions ot with cash-in-advance constraints - contain hidden inconsistencies. Second, he argues that the approach advocated is capital of providing new insights about some of the main issues in monetary economics: the effects of monetary shocks, the welfare cost of inflation, and the roles of inside and outside money. |
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