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countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best … elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation … variability, worsening the fit of a one-for-one relationship between money growth and inflation, and generates a fairly low …
Persistent link: https://www.econbiz.de/10008682890
In responding to the extremely weak global economy after the financial crisis in 2008, many industrial nations have been considering or have already implemented negative nominal interest rate policy. This situation raises two important questions for monetary theories: (i) Given the widely held...
Persistent link: https://www.econbiz.de/10011691605
The article investigates the determinants of consumer price inflation in China. While inflation has been entirely …
Persistent link: https://www.econbiz.de/10010684620
Using Japanese money market data, this paper compares the predictive ability of the log–log specification with infinite elasticity at a zero interest rate and the semilog specification with a one time switch from moderate to relatively high semielasticity at annual interest rates less than...
Persistent link: https://www.econbiz.de/10010594797
-inconsistency problem in which savings are distorted. This paper studies the long-run effects of inflation in the presence of a time …
Persistent link: https://www.econbiz.de/10010678805
This paper provides an overview of inflation developments in Vietnam in the years following the doi moi reforms, and … uses empirical analysis to answer two key questions: (i) what are the key drivers of inflation in Vietnam, and what role … does monetary policy play? and (ii) why has inflation in Vietnam been persistently higher than in most other emerging …
Persistent link: https://www.econbiz.de/10010930777
much sharper rise in inflation than measured by the official price indices, whose quality was called into question. In this … determinants. Since these data do not rely on official inflation statistics, they provide an independent check for the latter. We … not recorded by official inflation statistics. We do not find evidence in support of this hypothesis. …
Persistent link: https://www.econbiz.de/10005504448
The purpose of this paper is to contribute a new model of the Gold Standard, focusing on the interaction between resource scarcity and demographics. In a dynamic micro-founded model we find that: i) prices and equilibrium gold holdings increase with population (a scale effect), but decrease with...
Persistent link: https://www.econbiz.de/10010599340
the effects of monetary policy depend on the level of development. In particular, inflation adversely affects capital …
Persistent link: https://www.econbiz.de/10010580493
and that inflation expectation effects may easily destabilize the economic system. Furthermore, we reveal that global …
Persistent link: https://www.econbiz.de/10010906613