By Helmut Wagner
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2000)). S. equities. All the studies mentioned here, however, agree that it is appropriate to respond to asset prices (including exchange rates) in some way; however, the question is open whether expected inflation serves as a sufficient statistic for the effects of asset prices on welfare, so that, given expected inflation, there is no role for asset prices in monetary authorities’ reaction functions. C. Increase in the Uncertainty About the Transmission Mechanism Increase in the use of e-money We have defined globalization as a process of growing economic interdependence which results partly from the rapid and widespread diffusion of new technologies.
Now, as a consequence of the nominal rigidities, variation in nominal demand induces variation in real output, when downward rigidity is binding. Hence, it may appear appropriate to adjust monetary policy with a stronger concentration on output stabilization. And indeed, central banks are often pressured to concentrate, in such a situation, on other targets such as stabilizing output or employment. In Euroland, the Maastricht Treaty, for example, is often interpreted as requiring this from the ECB.
Even without this obligation, central bank money (currency) will not vanish as it has the advantage, as against emoney, of absolute anonymity, which is important for many people when carrying out cash payments. Moreover, currency is and will be the only riskless asset which implies the ultimate source of confidence. 76 See Woodford (2000a). Woodford argues that central banks can successfully steer economies even in a world where cash is disappearing. The reason is that a central bank can set monetary policy by controlling interest rates (by lending/borrowing e-money above/below the current market interest rate), rather than by altering the currency supply.
