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RBA Glossary definition for money market

money market – The market which deals in short-term discount securities such as Treasury notes, bank bills and promissory notes. Major participants in this market include the Reserve Bank of Australia, banks, superannuation funds, insurance companies, investment trusts, investment banks, building societies and large corporates.

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“Money” or “Assets”?

31 Dec 1978 RDP 1978-01
P.D. Jonson
This argument suggests that it is disequilibrium in the money market rather than in a whole set of associated markets which is the relevant variable for inclusion in the appropriate adjustment ... functions. It does not answer the question about which
https://www.rba.gov.au/publications/rdp/1978/7801/money-or-assets.html

Price Effects

31 Dec 1978 RDP 1978-01
P.D. Jonson
money supply; economic agents will, it is argued, inevitably recognise the implications of a change in the money stock and adjust prices accordingly. ... This measure of disequilibrium in the money market is assumed to capture price expectation effects,
https://www.rba.gov.au/publications/rdp/1978/7801/price-effects.html

Balance of Payments Adjustemt

31 Dec 1978 RDP 1978-01
P.D. Jonson
and it is clear that the money market is assumed to be in equilibrated within the observation period. ... is not assumed that the money market returns to equilibrium within the observation period following a disturbance.
https://www.rba.gov.au/publications/rdp/1978/7801/balance-of-payments-adjustemt.html

Output Effects of Monetary Fluctuations

31 Dec 1978 RDP 1978-01
P.D. Jonson
determinate money to income ratio and that disturbances from the supply side of the money market occur. ... economy, it appears that output returns to its equilibrium level following an increase in the money supply only “in the very long run”.
https://www.rba.gov.au/publications/rdp/1978/7801/output-effects-of-monetary-fluctuations.html

The Transmission Mechanism in General Terms

31 Dec 1978 RDP 1978-01
P.D. Jonson
As recently as the “Treatise on Money” this view was standard among economists. ... Jonson and Kierzkowski (1975), Laidler (1975), Mussa (1974) and Parkin (1972 and 1974b) emphasise respectively the effect of disequilibrium in the money market on
https://www.rba.gov.au/publications/rdp/1978/7801/the-transmission-mechanism-in-general-terms.html

Concluding Remarks

31 Dec 1978 RDP 1978-01
P.D. Jonson
If money is a buffer stock, excess money is likely to spill into asset as well as goods markets; such spillover effects provide an explanation for the direct influence of excess ... money on the balance of payments which has been detected in several
https://www.rba.gov.au/publications/rdp/1978/7801/concluding-remarks.html

References

31 Dec 1978 RDP 1978-01
P.D. Jonson
Brunner, K. and Meltzer, A.H. (1971), “The Uses of Money: Money in the Theory of the Economy.” American Economic Review, 61: 784–805. ... Reprinted in The Optimum Quantity of Money and other essays, Chicago”: Aldine 1969.
https://www.rba.gov.au/publications/rdp/1978/7801/references-2.html

Arguments that “Money” has a Special Role in Economic Dynamics, and Some Implications

31 Dec 1978 RDP 1978-01
P.D. Jonson
The emphasis in Friedman's writings on the role of disturbances from the supply side of the money market is obviously consistent with this view, and considerations of risk and uncertainty ... disturbances from the supply side of the money market.
https://www.rba.gov.au/publications/rdp/1978/7801/arguments-that-money-has-a-special-role-in-economic-dynamics-and-some-implications.html

The Dynamics of Adjustment: A Simple One-Sector Model

31 Dec 1978 RDP 1978-01
P.D. Jonson
The resulting dynamic analysis is in strong contrast to much standard monetarist analysis which assumes that markets – and in particular the money market – clear very rapidly; it is also in contrast ... It is, however, possible that an excess supply
https://www.rba.gov.au/publications/rdp/1978/7801/the-dynamics-of-adjustment-a-simple-one-sector-model.html

A Two-Sector Model: The Shifting Phillips Curve

31 Dec 1978 RDP 1978-01
P.D. Jonson
Yet there are at least two further reasons for focusing on “money” rather than “assets in general”. ... so that traded goods remain competitive on world markets, to the extent that domestic demand for money is not reduced by the rising prices.
https://www.rba.gov.au/publications/rdp/1978/7801/a-two-sector-model-the-shifting-phillips-curve.html