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Fourth Quarter 2015, 
Vol. 97, No. 4
Posted 2015-12-07

Microfoundations of Money: Why They Matter


What is the value of having microfoundations for monetary exchange in a macro model? In this article, the author attempts to answer this question by listing what he considers the major accomplishments of the field. He argues that the evidence overwhelmingly shows that microfoundations matter for many questions of first-order importance in macroeconomics.





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