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By integrating the fiat money into the structural growth model in [1], this paper presents a dynamic model for the simulation study of interest rate. And the model is illustrated with a numerical example. The equilibria of the numerical example are also computed by the method in [2]. The...
Persistent link: https://www.econbiz.de/10011113748
We extend the regional input-output model for the economic impact assessment of Covid-19 lockdowns in Italy proposed in Reissl et al. (2021) by incorporating the effects of changes in mobility on the level and composition of consumption demand. We estimate the model on sectoral data for 2020 and...
Persistent link: https://www.econbiz.de/10012816237
ownership background of all Hungarian companies. Our primary focus was to explore the topological origins of shock propagation … phenomena among firms. As both the supplier and the ownership layers are considered to be among the most significant shock …
Persistent link: https://www.econbiz.de/10012319119
Persistent link: https://www.econbiz.de/10014314639
Modern mainstream macroeconomics treats the economy “as if” always in equilibrium. Two older traditions, Monetarism and the Wicksell Connections have always dissented, arguing that how agents gather information and apply it to the co-ordination of their activities are prior problems...
Persistent link: https://www.econbiz.de/10014309072
We study the relation between holdings of monetary assets and government securities in the Euro area. We estimate time-varying elasticities of substitution between monetary assets using the semi-nonparametric method of Gallant (1981). The empirical elasticities are then tested for structural...
Persistent link: https://www.econbiz.de/10013029088
identifies oil price shocks through fundamentals affecting the oil market. Impulse responses show the significance of our two … signiÖcant effect of money supply shocks on real oil prices. Decomposition of historical oil price shocks shows a significant … role played by inflation expectations and the money supply shocks during major oil shock episodes. These shocks partially …
Persistent link: https://www.econbiz.de/10014295388
between notional and effective demands, and using it to explain price and quantity adjustments in conditions of unemployment …
Persistent link: https://www.econbiz.de/10012475425
Data on monetary aggregates are subject to periodic redefinitions, presumably in part to improve their link to measures of output. Money data are also revised on a regular basis. Taking these data imperfections into account, we reassess the evidence on the marginal predictive content of M1 and...
Persistent link: https://www.econbiz.de/10014061325
between notional and effective demands, and using it to explain price and quantity adjustments in conditions of unemployment …
Persistent link: https://www.econbiz.de/10013230788