NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Two Reasons Why Money and Credit May be Useful in Monetary Policy

Lawrence Christiano, Roberto Motto, Massimo Rostagno

NBER Working Paper No. 13502
Issued in October 2007

---- Acknowledgements -----

Paper presented at the Fourth ECB Central Banking Conference, The Role of Money: Money and Monetary Policy in the Twenty-First Century," Frankfurt, November 9-10, 2006. We would like to thank Claudio Borio, Dale Henderson, John Leahy, Andy Levin, Christian Noyer, Lars Svensson and Harald Uhlig for helpful discussions. The views expressed in this paper do not necessarily reflect the views of the European Central Bank.

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