Money Versus Interest Rates

This paper by Dan Thornton should be taken very seriously: “Monetary Policy: Why Money Matters, and Interest Rates Don’t.”  Dr. Thornton is a well known economist at the St. Louis Federal Reserve Bank (Vice President and Economic Adviser) with a long track record of influential publications in major professional journals.

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About William A. Barnett

Dr. Barnett is Director of Advances in Monetary and Financial Measurement at the Center for Financial Stability. Dr. Barnett is Oswald Distinguished Professor of Macroeconomics at the University of Kansas Department of Economics and Core Faculty Member of the Center for Global and International Studies at the University of Kansas, as well as Senior Fellow of the IC2 Institute at the University of Texas at Austin. He is founder and editor of the Cambridge University Press journal, Macroeconomic Dynamics, and founder and editor of the Emerald Press monograph series, International Symposia in Economic Theory and Econometrics.