You know that guy who said “Not only do expectations about policy matter, but very little else matters.” Well he's put together some fantastic work, especially on cashless economy and central banking. I've attached a starter document if anyone wants to review his published work. Persistent theme: Woodford repeatedly removes a traditional source of central-bank leverage - cash demand, reserve scarcity, monetary aggregates, domestic financial isolation - and finds that the interest-rate/expectations mechanism can survive.