| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w12839
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| 来源ID | Working Paper 12839
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| Is Numerairology the Future of Monetary Economics? Unbundling numeraire and medium of exchange through a virtual currency and a shadow exchange rate |
| Willem H. Buiter
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| 发表日期 | 2007-01-19
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| 出版年 | 2007
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| 语种 | 英语
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| 摘要 | The paper discusses some fundamental problems in monetary economics associated with the determination and role of the numeraire. The issues are introduced by formalising a proposal, attributed to Eisler, to remove the zero lower bound on nominal interest rates by unbundling the numeraire and medium of exchange/means of payment functions of money. The monetary authorities manage the exchange rate between the numeraire ('sterling') and the means of payment ('drachma'). The short nominal interest rate on sterling bonds can then be used to target stability for the sterling price level. The paper puts question marks behind two key bits of conventional wisdom in contemporary monetary economics. The first is the assumption that the monetary authorities define and determine the numeraire used in private transactions. The second is the proposition that price stability in terms of that numeraire is the appropriate objective of monetary policy. The paper also discusses the merits of the next step following the decoupling of the numeraire from the currency: doing away with currency altogether - the cashless economy. Because the unit of account plays such a central role in New-Keynesian models with nominal rigidities, monetary economics needs to devote more attention to numerairology - the study of the individual and collective choice processes that govern the adoption of a unit of account and its role in economic behaviour. |
| 主题 | Macroeconomics
; Business Cycles
; Money and Interest Rates
; Monetary Policy
; Fiscal Policy
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| URL | https://www.nber.org/papers/w12839
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570505
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推荐引用方式
GB/T 7714 |
Willem H. Buiter. Is Numerairology the Future of Monetary Economics? Unbundling numeraire and medium of exchange through a virtual currency and a shadow exchange rate. 2007.
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文件名：
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w12839.pdf
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格式：
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Adobe PDF
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