What is the Monetary Standard
29 Pages Posted: 6 Jan 2016
Date Written: 2015-11-09
The monetary standard emerges out of the interaction of monetary policy with the structure of the economy. Characterization of the monetary standard thus requires specification of a model of the economy with a central bank reaction function. Such a specification raises all the fundamental issues of identification in macroeconomics.
JEL Classification: E50
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