ECB's Papademos on the conduct of monetary policy

In the speech 'The role of money in the conduct of monetary policy' given on 9 November Lucas Papademos of the ECB said a large and influential body of academic work has disregarded or deemphasised the role of money as a determinant of inflation, even in the long run.

"The theory of monetary policy has often focused on the links between the policy-controlled interest rate and the paths of the price level and real output in theoretical frameworks, in which money plays no essential role, if any

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