WP 2012-19: The Role of Money in New-Keynesian Models
WP 2012-19: The Role of Money in New-Keynesian Models
WP 2012-19: The Role of Money in New-Keynesian Models
N°
WP 2012-19
Title
The Role of Money in New-Keynesian Models
Author(s)
Bennett T. McCallum
Language
English
Date
2012/10/31
Abstract
In this paper Professor McCalllum reviews the different forms researchers have attempted to introduce a meaningful role of Money in New-keynesian models typically used in the monetary policy analysis at central banks. The paper concludes that, there is still no convincing argument toward the need of including monetary aggregates into the structure of New Keynesian models.