criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross … the possibility of persistent central bank misperceptions. Such misperceptions motivate the search for policies that …

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard … decades. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect …

This paper is a study of money in overlapping generations models with cash-in-advance constraints a la Champ and … propose a general formulation. We show that neutrality of money prevails when the ratios of lum-sum monetary transfers and … public expenditures to the money supply do not depend on the money growth rate. …

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. The case against including money in the central bank’s interest rate rule is based on a standard … decades. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect …

Money demand is probably one of the most extensively studies economic relationships in applied economics. While useful …

The quantity theory of money is a theory that the quantity of money matters in income creation. Curiously, this theory … may be developed in two mutually exclusive manners. One is by thinking that the quantity of money that matters in income … creation is the quantity of money “in” circulation because the primary role of money is the role of a “means of exchange.” The …

exchange (money) and thereby inherit monetary properties. This essay describes a simple dynamic model of indirect asset … are standard: assets are imperfect substitutes, asset demand curves slope down, and money is not always neutral. Other …