Putting 'm' back in monetary policy
By: Eric M. Leeper and Jennifer E. Roush.
Contributors: Roush, Jennifer E., 1970-
Series: International finance discussion papers ;; no. 761; International finance discussion papers (Online) ;; no. 761.
Publisher: Federal Reserve Board
Published: 2003
Place of publication: Washington, D.C
Language: eng
Format: Electronic resource
Description: "Money demand and the stock of money have all but disappeared from monetary policy analyses.  Remarkably, it is more common for empirical work on monetary policy to include commodity prices than to include money.  This paper establishes and explores the empirical fact that whether money enters a model and how it enters matters for inferences about policy impacts.  The way money is modeled significantly changes the size of output and inflation effects and the degree of inertia that inflation exhibits following a policy shock.  We offer a simple and conventional economic interpretation of these empirical facts"--Federal Reserve Board web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 9/15/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.