merits of the "money view" and "credit view" as accounts of macroeconomic outcomes. Our own analysis of the postwar evidence … suggests that money outperforms credit in predicting economic downturns in the 14 countries in Schularick and Taylor's dataset …. This contrasts with Schularick and Taylor's (2012) highly negative verdict on the money view. In accounting for the …

IS-LM framework tends to understate the value of money as an indicator for monetary policy. …

tends to understate the value of money as an indicator for monetary policy. …

to the path of short-term rates; 3) deposit insurance has been extended, helping to insulate the money stock from credit …

Incluye bibliografía ; We examine the role of money in three environments: the New Keynesian model with separable … utility and static money demand ; a nonseparable utility variant with habit formation ; and a version with adjustment costs … for holding real balances. The last two variants imply forward-looking behavior of real money balances, with forecasts of …

We examine the role of money in three environments: the New Keynesian model with separable utility and static money …. The last two variants imply forward-looking behaviour of real money balances, with forecasts of future interest rates … estimates confirm the forward-looking character of money demand. A consequence is that real money balances are valuable in …

We examine the role of money, allowing for three competing environments: the New Keynesian model with separable utility … and static money demand; a non-separable utility variant with habit formation; and a version with adjustment costs for … holding real balances. The last two variants imply forward-looking behavior of real money balances, as it is optimal for …

We examine the role of money in three environments: the New Keynesian model with separable utility and static money …. The last two variants imply forward-looking behavior of real money balances, with forecasts of future interest rates … estimates confirm the forward-looking character of money demand. A consequence is that real money balances are valuable in …

justified empirically. Both the relation between money and inflation, and between money and aggregate demand, are considered … by money growth. This relationship arises from a conventional aggregate-demand channel; an emphasis on the link between … monetary aggregates and inflation in no way requires a direct channel connecting money and inflation. The relevance of money …