TY  - JOUR
AU  - Woodford,Michael
TI  - Monetary Policy in a World Without Money
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 7853
PY  - 2000
Y2  - August 2000
UR  - http://www.nber.org/papers/w7853
L1  - http://www.nber.org/papers/w7853.pdf
N1  - Author contact info:
Michael Woodford
Department of Economics
Columbia University
420 W. 118th Street
New York, NY 10027
Tel: 212/854-1094
Fax: 212-854-8059
E-Mail: mw2230@columbia.edu
AB  - This paper considers whether the development of  electronic money' poses any threat to the ability of central banks to control the value of their national currencies through conventional monetary policy.  It argues that even if the demand for base money for use in facilitating transactions is largely or even completely eliminated, monetary policy should continue to be effective.  Macroeconomic stabilization depends only upon the ability of central banks to control a short-term nominal interest rate, and this would continue to be possible, in particular through the use of a  channel' system for the implementation of policy, like those currently used in Canada, Australia and New Zealand.
ER  -