New Monetarist Economics: Methods

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New Monetarist Economics: Methods (2010)

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by Stephen Williamson , Randall Wright

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6 - 2 self

BibTeX

@MISC{Williamson10newmonetarist,
    author = {Stephen Williamson and Randall Wright},
    title = {New Monetarist Economics: Methods },
    year = {2010}
}

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Abstract

This essay articulates the principles and practices of New Monetarism, our label for a recent body of work on money, banking, payments, and asset markets. We first discuss methodological issues distinguishing our approach from others: New Monetarism has something in common with Old Monetarism, but there are also important differences; it has little in common with Keynesianism. We describe the principles of these schools and contrast them with our approach. To show how it works, in practice, we build a benchmark New Monetarist model, and use it to study several issues, including the cost of inflation, liquidity and asset trading. We also develop a new model of banking.

Keyphrases

new monetarist economics new monetarism benchmark new monetarist model asset market asset trading recent body new model old monetarism several issue methodological issue important difference

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