期刊名称：Discussion Paper Series / Department of Economics, New York University
出版年度：2007
卷号：1
出版社：New York University
摘要：I consider some of the leading arguments for assigning an important role
to tracking the growth of monetary aggregates when making decisions about
monetary policy. First, I consider whether ignoring money means returning to
the conceptual framework that allowed the high in¡ãation of the 1970s. Second,
I consider whether models of in¡ãation determination with no role for money
are incomplete, or inconsistent with elementary economic principles. Third, I
consider the implications for monetary policy strategy of the empirical evidence
for a long-run relationship between money growth and in¡ãation. And fourth,
I consider reasons why a monetary policy strategy based solely on short-run
in¡ãation forecasts derived from a Phillips curve may not be a reliable way
of controlling in¡ãation. I argue that none of these considerations provides a
compelling reason to assign a prominent role to monetary aggregates in the
conduct of monetary policy.
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