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Monetarism rides again? US monetary policy in a world of Quantitative Easing
Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - C.E.P.R. Discussion Papers - 2014
This paper gives money a role in providing cheap collateral in a model of banking; this means that, besides the Taylor Rule, monetary policy can affect the risk-premium on bank lending to firms by varying the supply of M0 in open market operations, so that even when the zero bound prevails...
Persistent link: https://www.econbiz.de/10011084208
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Determinacy in New Keynesian Models: a role for money after all?
Minford, Patrick; Srinivasan, Naveen - C.E.P.R. Discussion Papers - 2010
The New-Keynesian Taylor-Rule model of inflation determination with no role for money is incomplete. As Cochrane (2007a, b) argues, it has no credible mechanism for ruling out bubbles (or deal with the non-uniqueness problem that arises when the Taylor principle is violated) and as a result...
Persistent link: https://www.econbiz.de/10008466336
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The Determinants of the Money Multiplier in the United Kingdom
Beenstock, Michael; Chan, Kam-Fai - C.E.P.R. Discussion Papers - 1986
We use annual data drawn from 1950-85 to estimate an econometric model of the money multiplier for the United Kingdom. We define the money multiplier as ratio of the money stock broadly defined (M3) and the monetary base (M0), and then decompose the multiplier into the currency ratio, the time...
Persistent link: https://www.econbiz.de/10005497753
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Mismeasuring Long Run Growth. The Bias from Spliced National Accounts
Prados de la Escosura, Leandro - C.E.P.R. Discussion Papers - 2014
this paper for the particular case of Spain, a fast growing country in the second half of the twentieth century. It is …
Persistent link: https://www.econbiz.de/10011084295
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Effects of religiosity on social behaviour: Experimental evidence from a representative sample of Spaniards
Brañas-Garza, Pablo; Espín, Antonio M.; Neuman, Shoshana - C.E.P.R. Discussion Papers - 2013
This study explores the effect of several personal religion-related variables on social behaviour, using three paradigmatic economic games: the dictator (DG), ultimatum (UG), and trust (TG) games. A large carefully designed sample of a Spanish urban adult population (N=766) is employed. From...
Persistent link: https://www.econbiz.de/10011083371
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International Capital Flows and the Boom-Bust Cycle in Spain
In 'T Veld, Jan; Kollmann, Robert; Pataracchia, Beatrice; … - C.E.P.R. Discussion Papers - 2014
government. We estimate the model using 1995Q1-2013Q2 data for Spain, the rest of the Euro Area (REA) and the rest of the world … for Spanish households and firms, as well as a fall in the interest rate spread between Spain and the REA fuelled the … Spanish output boom and the persistent rise in foreign capital flows to Spain, before the global financial crisis. During and …
Persistent link: https://www.econbiz.de/10011083472
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Is the Allocation of Public Capital Across the Spanish Regions too Redistributive?
de la Fuente, Angel - C.E.P.R. Discussion Papers - 2002
This Paper compares the observed distribution of the stock of infrastructures across the Spanish regions with the optimal allocation derived from a planning problem in which the observed degree of ex-post redistribution is taken as given. The results suggest that Spanish public investment policy...
Persistent link: https://www.econbiz.de/10005792256
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Regional Convergence in Spain, 1965-95
de la Fuente, Angel - C.E.P.R. Discussion Papers - 2002
This Paper explores the sources of convergence in income per capita across the Spanish regions using a decomposition of this variable into employment and productivity factors and an estimate of a regional production function.
Persistent link: https://www.econbiz.de/10005792411
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Competition in Spanish Banking
Caminal, Ramon; Gual, Jordi; Vives, Xavier - C.E.P.R. Discussion Papers - 1989
financial market. Banking in Spain has undergone a strong liberalization process in the last fifteen years, which has …
Persistent link: https://www.econbiz.de/10005792462
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The Spanish Crisis: Background and Policy Challenges
Suarez, Javier - C.E.P.R. Discussion Papers - 2010
describes the strengths and weaknesses of Spain’s recent long growth cycle, the real and financial imbalances accumulated … pressure, partly initiated by unjustified catastrophic expectations about Spain, provides an opportunity for accelerating the …
Persistent link: https://www.econbiz.de/10008554220