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- W2101902912 abstract "I argue 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, I argue that models in which real balances are assumed to be productive—models with money in utility or production functions or with cash‐in‐advance constraints—contain hidden inconsistencies. Second, I argue that the approach advocated is capable 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." @default.
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- W2101902912 date "2001-11-01" @default.
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- W2101902912 title "Whither Monetary Economics?" @default.
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- W2101902912 doi "https://doi.org/10.1111/1468-2354.00137" @default.
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