St Louis Fed research stresses importance of money

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A working paper published by the Federal Reserve Bank of St Louis on July 16 emphasises the importance of monetary aggregates in determining the price level, and says central banks have only limited influence over interest rates.

The author, Daniel Thornton, argues money is an essential element of monetary policy due to its role in facilitating efficient exchange of goods and therefore is central to the determination of the prices of these goods. The paper also suggests that the Federal Reserve

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