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On Stability of the Demand for Money in a Developing OECD

HALICIOGLU, Ferda; UGUR, Mehmet - EconWPA - 2005

This paper empirically analyses the stability of the narrow money demand function (M1) in Turkey for the period 1950 … this policy framework satisfies the necessary condition for effectiveness, we estimate and test for the stability of … CUSUMSQ stability tests. We demonstrate that there is a stable money demand function and it could be used as an intermediate …

Persistent link: https://www.econbiz.de/10005561131

The Misallocation of Resources of Anticipated Inflation

Frenkel, Michael; Mehrez, Gil - EconWPA - 1997

This paper analyzes the effects of anticipated inflation on the resource allocations between production and financial services. We develop a model with heterogeneous workers and two sectors economy. A manufacturing sector producing a final composite good and a financial sector providing monetary...

Persistent link: https://www.econbiz.de/10005126418

Keynes’ Metaphor of the Newspaper Competition: A Model

Sanyal, Amal - EconWPA - 2005

Keynes’ General Theory provides an interesting metaphor for asset markets: they are like newspaper competitions where contestants have to pick up the six prettiest faces from a hundred photographs, and the prize would go to one whose choice is closest to the average preferences. Keynes did not...

Persistent link: https://www.econbiz.de/10005126429

EXPECTATIONS AND ADJUSTMENTS IN THE MONETARY SECTOR

Feige, Edgar L. - EconWPA - 2005

This paper examines the problem of appropriately specifying and estimating the money demand function in the presence of adaptive expectations and partial adjustment mechanisms. The paper demonstrates the difficulty of interpreting distributed lag reduced form representations of the monetary...

Persistent link: https://www.econbiz.de/10005076678

ALTERNATIVE TEMPORAL CROSS-SECTION SPECIFICATIONS OF THE DEMAND FOR DEMAND DEPOSITS

Feige, Edgar L. - EconWPA - 2005

This paper examines a broad set of alternative temporal cross- section specifications of the demand for money as a means of estimating the degree of substitution between demand deposits and other liquid assets. Despite differences in data bases, model specifications and estimation techniques,...

Persistent link: https://www.econbiz.de/10005076813

The Theory of Monetary Aggregation (book front matter)

Barnett, William; Serletis, Apostolos; Diewert, W. Erwin - EconWPA - 2005

This is the front matter from the book, William A. Barnett and Apostolos Serletis (eds.), The Theory of Monetary Aggregation, published in 2000 by Elsevier in its Contributions to Economic Anaysis mongraph series. The front matter includes the Table of Contents and the Introduction by Barnett...

Persistent link: https://www.econbiz.de/10005125027

Currency preferences and the Australian dollar

Kingston, Geoffrey; Melecky, Martin - EconWPA - 2005

We investigate the theory and empirics of currency substitution and currency complementarity. Analytical tractability is facilitated by focussing on a small currency. Data spanning 1985 to the turn of the century contain evidence of the Australian dollar’s substitution for the mark and...

Persistent link: https://www.econbiz.de/10005125493

Transaction Technology Innovation and Demand for Overnight Deposits in Italy

Columba, Francesco - EconWPA - 2004

The rapid diffusion of ATM and POS during the last decade may have changed money demand patterns; therefore, standard econometric analysis of money demand that do not account for these developments may suffer from a potentially serious omitted variable problem. This paper analyzes the effect of...

Persistent link: https://www.econbiz.de/10005126211

Monetary Aggregation

Barnett, William - EconWPA - 2005

This entry on monetary aggregation will appear under that title in The New Palgrave Dictionary of Economics, 2nd edition, edited by Steven Durlauf and Lawrence Blume. The entry provides an up-to-date overview of state-of-the-art research on monetary aggregation and index number theory, from its...

Persistent link: https://www.econbiz.de/10005126328

Money Demand in theEuroArea: Do National Differences Matter?

Dedola, Luca; Gaiotti, Eugenio; Silipo, Luca - EconWPA - 2004

This paper assesses the relevance of national information in estimating the demand for euro-area M3 from three perspectives. First, we check whether national money demands can legitimately be aggregated. Second, we compare time-series and panel methods to estimate aggregate long-run...

Persistent link: https://www.econbiz.de/10005412612

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