Two Reasons Why Money and Credit May be Useful in Monetary Policy
NBER Working Paper No. 13502
---- 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.