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A Simple Model of Money and Taxes and an Illustration with Brazilian Data

Giovannini, Alberto; Turtelboom, Bart - C.E.P.R. Discussion Papers - 1992

consumption velocity very closely during the high-inflation years. …

Persistent link: https://www.econbiz.de/10005661982

Teles, Pedro; Uhlig, Harald - C.E.P.R. Discussion Papers - 2010

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

The Short-Run Demand for Money: A Reconsideration

Gordon, Robert J - C.E.P.R. Discussion Papers - 1984

The partial-adjustment approach to the specification of the short-run demand for money has dominated the literature for more than a decade. There are three basic problems with this approach. First, the same lag structure is imposed on all variables, and such independent variables enters only as...

Persistent link: https://www.econbiz.de/10005504753

Understanding Money Demand in the Transition from a Centrally Planned to a Market Economy

Delatte, Anne-Laure; Fouquau, Julien; Holz, Carsten - C.E.P.R. Discussion Papers - 2013

Fundamental changes in institutions during the transition from a centrally planned to a market economy present a formidable challenge to monetary policy decision makers. For the case of China, we examine the institutional changes in the monetary system during the process of transition and...

Persistent link: https://www.econbiz.de/10011083869

The Hyperinflation Model of Money Demand Revisited

Taylor, Mark P - C.E.P.R. Discussion Papers - 1990

In this paper we propose a test of the hyperinflation model of money demand, which is valid under any assumption concerning agents' expectations, subject only to the restriction that forecasting errors are stationary. It is also demonstrated that highly efficient estimates of the model can be...

Persistent link: https://www.econbiz.de/10005067417

Financial Innovation and the Transactions Demand for Cash

Alvarez, Fernando; Lippi, Francesco - C.E.P.R. Discussion Papers - 2007

interest rate elasticity of money demand, the impact of financial innovation on money demand, the welfare cost of inflation …

Persistent link: https://www.econbiz.de/10005067453

Monetary Union, Money Demand and Money Supply: A Review of the German Monetary Union

von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1992

We present an empirical analysis of German money demand, money supply and monetary policy after German monetary union in 1990. Empirical models for velocity and forecast models for the money multiplier are estimated. Stability analysis reveals that structural stability of the demand for broad...

Persistent link: https://www.econbiz.de/10005661809

Applied Cointegration Analysis in the Mirror of Macroeconomic Theory

Söderlind, Paul; Vredin, Anders - C.E.P.R. Discussion Papers - 1995

Applied cointegration analysis has much to gain from strong links with economic theory. For example, the current generation of equilibrium macroeconomic models have simple predictions for cointegrating vectors. These models also suggest that important information about the economic structure can...

Persistent link: https://www.econbiz.de/10005661938

Measuring Income Elasticity for Swiss Money Demand: What Do the Cantons Say About Financial Innovation?

Fischer, Andreas M - C.E.P.R. Discussion Papers - 2005

Recent time-series evidence has reconfirmed the forecasting ability of Swiss broad money. The same money demand studies and others, however, find that the income elasticity is greater than one. Such parameter estimates are difficult to reconcile with transactions demand theory. This study...

Persistent link: https://www.econbiz.de/10005661942

Technological change and the demand for currency: An analysis with household data

Lippi, Francesco; Secchi, Alessandro - C.E.P.R. Discussion Papers - 2006

tested using a unique panel of Italian household data (on currency holdings, deposit interest rates, consumption, development …

Persistent link: https://www.econbiz.de/10005662022