recognition to the intertemporal nature of households' saving decisions. Like traditional IS-LM, however, the optimizing version … tends to understate the value of money as an indicator for monetary policy. …

consumption or investment. In this way, aggregate demand would be maintained by substituting public consumption for private … consumption. A second alternative prescription was to reduce the private saving rate. Early Keynesians like Seymour Harris saw the …Three ways of averting "excess saving" have been emphasized in both theory and practice. The thrust of the Keynesian …

central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency …

rate. Money’s role in monetary policy has been tertiary, at best. Indeed, several influential economists have suggested … that money is irrelevant for monetary policy. They suggest that central banks can control inflation by (i) controlling a … rate in order to exert greater control over longer-term rates. I offer an alternative perspective: namely, that money is …