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1、Chapter20MoneyGrowth,MoneyDemand,and?ModernMonetaryPolicyLearningObjectivesUnderstand...LO1MonetaryaggregatesLO2ThequantitytheoryofmoneyLO3Thevelocityof,anddemandfor,moneyLO4MonetarytargetingAnyonewholistenscarefullytowhatcentralbankerssay,orreadswhattheywrite,willformtheclearimpressiont
2、hat21st-centurymonetarypolicyhasverylittletodowithmoney,despiteitsfocusoninflation.Thatimpressionisreinforcedbythetech-nicalpapersthatmonetaryeconomistswrite.Everyonetalksaboutinterestratesandexchangerates;noonetalksaboutmoney.Butdiggingdeeper,youwillfindthatcentralbankersandmonetaryecon
3、omistsdocareaboutmoney.Afterdecadesofstudyingtheeconomy,theNobelPrize–winningeconomistMiltonFriedmanwrote,“inflationisalwaysandeverywhereamonetaryphenomenon.”Mosteconomistswouldagree.Weseeconcernformoney,too,instate-mentsmadebyofficialsoftheEuropeanCentralBank(ECB).InChapter?16,wedis-cus
4、sedthestability-orientedstrategythattheECB’sGoverningCounciladoptedinthefallof1998toachievetheobjectiveofpricestability.Thecouncil’sstrategyas-signedmoneyaprominentrolethatwas,initsmembers’words,“signaledbytheannouncementofaquantitativereferencevalueforthegrowthrateofabroadmonetaryaggreg
5、ate.”Theideawasthatdeviationsofmoneygrowthfromthereferencevaluesig-naledarisktoEuropeanpricestability.Sincethen,theECB’smonthlyannouncementsofitstargetinterestratehaveregularlymentionedmoneygrowth.Obviously,moneyplaysasignificantroleintheformulationofEuropeanmon-etarypolicy.Thecontrastwi
6、ththeUnitedStatescouldnotbemorestriking.InJuly2000,afterroughlyaquartercenturyofpublishingtwice-yearlytargetrangesforthemonetaryaggregates,theFederalOpenMarketCommittee(FOMC)stoppeddoingso,explainingthat“theseranges[nolonger]provideusefulbenchmarksformonetarypolicy.”1WhiletheFederalReser
7、vestillcollectsandpublishesdataonthemonetaryaggregates,FOMCmembersnowmentionthemonlyinpassing.Theyrarelymakeanyreferencetomoneyinpublicannouncementsofthefederalfundstargetrate.In?2001,1ThisannouncementappearedasafootnoteinthebiannualMonetaryPolicyReporttoCongress.cec2174X
