On the one hand, the model has no apparent role for money. On the surface, therefore, today's consensus model appears to be a clear and definitive rejection of the "money matters" focus of monetarism. On the other hand, the classical properties I outlined hold in this model (at least if we redefine them in terms of "monetary policy" rather than the "money supply").
SPEECH  Cash still king in times of COVID-19 Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the Deutsche Bundesbank’s 5th International Cash Conference – “Cash in times of turmoil” Frankfurt am Main, 15 June 2021 Thank you for inviting me to speak today about “cash in times of turmoil”.