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In a world with imperfect competition, market externalities or asymmetric information, the impact of money and monetary policy on the real sector depends on the way money is created. Two conflicting views of money supply can be distinguished in the literature: the endogeneity view and the...
Persistent link: https://www.econbiz.de/10009620766
nominal money and the price level in the euro area are integrated of order two. This is confirmed by applying tests on double … ; Double unit roots ; I(2) model ; euro area money demand …
Persistent link: https://www.econbiz.de/10009620770
In this paper, the empirical relevance of the credit channel for the explanation of monetary policy transmission in Germany during the period of monetary targeting from 1975 to 1998 is analyzed. While existing studies of the credit channel rely mostly on the analysis of monetary policy effects...
Persistent link: https://www.econbiz.de/10009626675
Persistent link: https://www.econbiz.de/10001916957