Empirical predictions of the new monetary economics: Perspectives on velocity
1990; Elsevier BV; Volume: 12; Issue: 2 Linguagem: Inglês
10.1016/0161-8938(90)90030-i
ISSN1873-8060
AutoresTyler Cowen, Randall S. Kroszner,
Tópico(s)Monetary Policy and Economic Impact
ResumoRecent work by Black (1970), Fama (1980), Hall (1983), Wallace (1983), and others has stimulated interest in what Hall (1982a) labels the new monetary economics (henceforth, NME).I Most generally, the NME emphasizes the distinction between the provision of monetary services and the provision of money. More specifically , money's two functions of medium of account and medium of exchange need not be united in a single asset called money . In contrast to current financial institutions , transactions could be conducted by using assets that are traditionally considered nonmonetary , such as equity shares , interest-bearing assets, or bookkeeping entries through a central accounting system. The unit of account could be a commodity basket or even be purely abstract; in either case it could exist separately from the media of exchange . For this reason, NME systems are often described as advanced barter. Furthermore, NME banks would not differ in kind from other financial intermediaries (Cowen and Kroszner , 1989b, forthcoming). Depositors would hold checkable accounts based upon return-bearing assets; some extension of today's Cash Management Account (Merrill Lynch) might become the standard form for transactions deposits . The authors associated with the NME, however , do not adopt any monolithic or even necessarily consistent position on many important issues. Some formulations are strictly cashless, with no physical media of exchange, whereas others contain currency that might be provided
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