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Author : Alberto Cabrero
Publisher :
ISBN 13 :
Total Pages : 112 pages
Book Rating : 4.3/5 (91 download)
Download or read book Demand Equations of the New Monetary Aggregates written by Alberto Cabrero and published by . This book was released on 1993 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451953607
Total Pages : 44 pages
Book Rating : 4.4/5 (519 download)
Download or read book Money Demand in the United States written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-09-14 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers the demand for various monetary aggregates with a view to assessing their potential roles as intermediate variables for monetary policy. Illustrative estimates using a generalized autoregressive distributed lag model are presented. For M1, the results support an “error correction” model. However, the demand function for M1 may still be subject to shifts due to the continuing process of financial reform and innovation. The demand function for M1A resulting from the particular empirical strategy used in this paper is not well behaved. The estimated equation for M2 is well behaved and robust, though the use of M2 as an intermediate target variable is questionable due to an inability accurately to control it.
Author : Bennett T. McCallum
Publisher : DIANE Publishing
ISBN 13 : 143798021X
Total Pages : 76 pages
Book Rating : 4.4/5 (379 download)
Download or read book Money and Inflation: Some Critical Issues written by Bennett T. McCallum and published by DIANE Publishing. This book was released on 2010 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Apostolos Serletis
Publisher : Springer Science & Business Media
ISBN 13 : 1475733208
Total Pages : 305 pages
Book Rating : 4.4/5 (757 download)
Download or read book The Demand for Money written by Apostolos Serletis and published by Springer Science & Business Media. This book was released on 2013-11-21 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: Almost half a century has elapsed since the demand for money began to attract widespread attention from economists and econometricians, and it has been a topic of ongoing controversy and research ever since. Interest in the topic stemmed from three principal sources. First of all, there was the matter of the internal dynamics of macroeco nomics, to which Harry Johnson drew attention in his 1971 Ely Lecture on "The Keynesian Revolution and the Monetarist Counter-Revolution," American Economic Review 61 (May 1971). The main lesson about money that had been drawn from the so-called "Keynesian Revolution" was - rightly or wrongly - that it didn't matter all that much. The inherited wisdom that undergraduates absorbed in the 1950s was that macroeconomics was above all about the determination of income and employment, that the critical factors here were saving and investment decisions, and that monetary factors, to the extent that they mattered at all, only had an influence on these all important variables through a rather narrow range of market interest rates. Conventional wisdom never goes unchallenged in economics, except where its creators manage to control access to graduate schools and the journals, and it is with no cynical intent that I confirm Johnson's suggestion that those of us who embarked on academic careers in the '60s found in this wisdom a ready-made target.
Author : Julio Rotemberg
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.F/5 ( download)
Download or read book Money, Output, and Prices written by Julio Rotemberg and published by . This book was released on 1991 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a new utility-based monetary aggregate which we label the currency equivalent aggregate. This aggregate equals the stock of currency that would be required for households to obtain the same liquidity services that they get from their entire collection of monetary assets. We compare the ability of the new aggregate and conventional aggregates, such as Ml and M2, and other indicators of monetary policy to forecast real activity. The CE aggregate has more predictive power for output and prices than standard aggregates, and the time path of the estimated output response is more consistent with broad classes of theoretical models.
Author : Noelle Jean Meredith Palmer
Publisher :
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.:/5 (615 download)
Download or read book A Comparison of Summation and Superlative Monetary Aggregates with Respect to Their Stability in Demand for Money Equations written by Noelle Jean Meredith Palmer and published by . This book was released on 1993 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Subramanian S. Sriram
Publisher : International Monetary Fund
ISBN 13 : 1451848544
Total Pages : 78 pages
Book Rating : 4.4/5 (518 download)
Download or read book Survey of Literature on Demand for Money written by Mr.Subramanian S. Sriram and published by International Monetary Fund. This book was released on 1999-05-01 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: A stable money demand forms the cornerstone in formulating and conducting monetary policy. Consequently, numerous theoretical and empirical studies have been conducted in both industrial and developing countries to evaluate the determinants and the stability of the money demand function. This paper briefly reviews the theoretical work, tracing the contributions of several researchers beginning from the classical economists, and explains relevant empirical issues in modeling and estimating money demand functions. Notably, it summarizes the salient features of a number of recent studies that applied cointegration/error-correction models in the 1990s, and it features a bibliography to aid in research on demand for money.
Author : Apostolos Serletis
Publisher : World Scientific
ISBN 13 : 9814477907
Total Pages : 352 pages
Book Rating : 4.8/5 (144 download)
Download or read book Money And The Economy written by Apostolos Serletis and published by World Scientific. This book was released on 2006-08-08 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive and systematic introduction to the problem of the definition of money and investigates the gains that can be achieved by a rigorous use of microeconomic- and aggregation-theoretic foundations in the construction of monetary aggregates. It provides readers with key aspects of monetary economics and macroeconomics, including monetary aggregation, demand systems, flexible functional forms, long-run monetary neutrality, the welfare cost of inflation, and nonlinear chaotic dynamics.This book offers the following conclusions: the simple-sum approach to monetary aggregation and log-linear money demand functions, currently used by central banks, are inappropriate for monetary policy purposes; the choice of monetary aggregation procedure is crucial in evaluating the welfare cost of inflation; the inter-related problems of monetary aggregation and money demand will be successfully investigated in the context of flexible functional forms that satisfy theoretical regularity globally, pointing the way forward to useful and productive research.
Author : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy
Publisher :
ISBN 13 :
Total Pages : 356 pages
Book Rating : 4.:/5 (327 download)
Download or read book Measuring the Money Aggregates written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy and published by . This book was released on 1980 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Palle Schelde Andersen
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.3/5 (243 download)
Download or read book The Stability of Money Demand Functions written by Palle Schelde Andersen and published by . This book was released on 1985 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.James M. Boughton
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (318 download)
Download or read book What Have We Learned About Estimating the Demand for Money? a Multicountry Evaluation of Some New Approaches written by Mr.James M. Boughton and published by International Monetary Fund. This book was released on 1991-02 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides estimates of the demand for both narrow and broad monetary aggregates for the five largest industrial countries using two recent approaches: buffer stock and error correction models. The performances of these models are compared with several versions of the conventional partial adjustment model. Tests are performed in order to evaluate the parameter stability, post-sample predictive ability, encompassing properties, and economic implications of the models. The results are encouraging with respect to the newer models, as they significantly outperform the traditional approach. It is found that the error correction model is especially promising as a general approach.
Author : Douglas Fisher
Publisher : University of Michigan Press
ISBN 13 : 9780472101696
Total Pages : 254 pages
Book Rating : 4.1/5 (16 download)
Download or read book Money Demand and Monetary Policy written by Douglas Fisher and published by University of Michigan Press. This book was released on 1989 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the literature dealing with the demand for money
Author :
Publisher :
ISBN 13 :
Total Pages : 356 pages
Book Rating : 4.3/5 (121 download)
Download or read book Measuring the Money Aggregates written by and published by . This book was released on 1980 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : M. Belongia
Publisher : Springer
ISBN 13 : 0230288235
Total Pages : 331 pages
Book Rating : 4.2/5 (32 download)
Download or read book Divisia Monetary Aggregates written by M. Belongia and published by Springer. This book was released on 2000-10-06 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: The leading researchers from central banks and universities around the world debate issues central to the performance of Divisia monetary aggregates both in theory and in practice. The overall conclusion is that Divisia monetary aggregates outperform their simple sum counterparts in a wide range of applications the world over. The book is the first volume-length study of empirical data and theoretical research on the subject.
Author : Edward K. Offenbacher
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.3/5 ( download)
Download or read book Disaggregated Monetary Asset Demand Systems written by Edward K. Offenbacher and published by . This book was released on 1980 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard J. Fendler
Publisher :
ISBN 13 :
Total Pages : 96 pages
Book Rating : 4.:/5 (16 download)
Download or read book An Analysis of the Stability of Money Demand Functions Specified with a Divisia Monetary Aggregate as the Dependent Variable written by Richard J. Fendler and published by . This book was released on 1985 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Helmut Lütkepohl
Publisher : Springer Science & Business Media
ISBN 13 : 3662125390
Total Pages : 266 pages
Book Rating : 4.6/5 (621 download)
Download or read book Money Demand in Europe written by Helmut Lütkepohl and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1999 a number of member states of the European Union will adopt a common currency. This change in the monetary system requires that a Eur opean Central Bank is set up and a common monetary policy is pursued. There is general agreement among those countries which are likely to join the common currency that price level stability has to be the ultimate objec tive of monetary po1icy. It is an open issue, however, what kind of policy is best suited for that purpose. The alternative strategies under discussion are a direct inflation targeting, an intermediate monetary targeting or a mixture of both. For these policy strategies a stable money demand relation is of cen tral importance. Therefore a workshop on Money Demand in Europe was organized at the Humboldt University in Berlin on October 10/11, 1997. This research conference brought together academic and central bank econo mists and econometricians predominantly from Europe to discuss issues on specification, estimation and, in particular, stability of money demand rela tions both in a single equation and in a systems framework. In this volume revised versions of the papers presented and discussed at the workshop are collected. The volume thereby gives an overview of money demand analysis in Europe on the eve of the introduction of the Euro in some European countries. It contributes to the discussion on a suitable monetary policy for the new European Central Bank.
