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- W2149898497 abstract "Recently, one of the most fruitful debate in monetary macroececonomics that fascinates -and opposed- academics and policymakers has lied in the relevancy of money within the monetary policy analysis. Since the publication of King and Goodfriend 1997’s article that gave birth to a new current -the New Neoclassical Synthesis- money seems to be de-emphasized 1 . A new step has been reached in 2003 with Woodford’s monetary treatise that legitimates a Cashless framework. Woodford captures the implied path of the money supply or the determinants of money demand (Woodford, 2003, p.237) in the determination of the equilibrium of output and prices, without having to model the volume of money explicitly. Woodford gives his theory a Wicksellian flavour by comparing his cashless economy framework with Wicksell’s pure credit economy framework. Such a legacy gives the impression that Wicksell’s original writings downgraduated money for the conduct of monetary policy. This paper considers the role of money in modern macroeconomics models. First, the article will restore the proper importance of money in Wicksell’s original theory. Then, we will focus on Woodford’s Neo-Wicksellianism model -which is a priori featured by its anti-monetarism approach- to demonstrate that there are grounds for the role of money even in a cashless frame" @default.
- W2149898497 created "2016-06-24" @default.
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- W2149898497 date "2007-01-01" @default.
- W2149898497 modified "2023-09-27" @default.
- W2149898497 title "Wicksell and Woodford: a Cashless Economy or Moneyless Economy ?" @default.
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