The role of money in New Keynesian models
By Bennett McCallum
June 2013
Language: Spanish
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JEL Classification
- C60
- E40
- E52
- E58
Abstract
This paper evaluates the various approaches researchers have used to incorporate the money supply into the New Keynesian models that central banks use to conduct monetary policy. It concludes that, to date, there is insufficient evidence to justify incorporating the money supply into the structure of New Keynesian models. (Audio: Department of Economic Publications)