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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 1950-2002. As part of the IMF-sponsored stabilisation programme, Turkey has been pursuing base money targets. To ascertain whether this policy framework satisfies the necessary...
Persistent link: https://www.econbiz.de/10005561131
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Money Demand in EU Countries: A Survey
Browne, Frank; Fagan, Gabriel; Henry, Jerome - EconWPA - 2005
Money demand is probably one of the most extensively studied economic relationship in applied economics. While useful surveys of existing literature are available, much of the attention has focused on the US. However, a considerable number of papers have recently been produced dealing with the...
Persistent link: https://www.econbiz.de/10005561222
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THE ROLES OF MONEY IN AN ECONOMY AND THE OPTIMUM QUANTITY OF MONEY
Feige, Edgar L.; Parkin, M.; Avery, R; Stones, C. - EconWPA - 2005
What is the optimum quantity of money in a society? This paper answers this question both from the perspective of a utility maximizing model with real balances in the utility function, and employing an inventory theoretic model which focuses attention on the costs of transacting in different...
Persistent link: https://www.econbiz.de/10005076699
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Money in Market Clearing
Gani, Mohammad - EconWPA - 2004
Market clearing is the central issue in macroeconomics. Two centuries of debate on Say’s Law indicates that the issue is not yet settled. This essay proposes that double coincidence is a necessary condition for market clearing, in addition to the equality of demand and supply at equilibrium...
Persistent link: https://www.econbiz.de/10005076719
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THE UNDERGROUND ECONOMY AND THE CURRENCY ENIGMA
Feige, Edgar L. - EconWPA - 2005
The size, growth and causes of the US “underground economy” are examined in light of new estimates of foreign holdings of US currency. World dollarization partially resolves the “currency enigma” which refers to the anomaly that roughly 80% of the US currency supply is “missing” and...
Persistent link: https://www.econbiz.de/10005076736
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Narrow Money and the Business Cycle: Theoretical aspects and euro area evdence
Brand, Claus; Reimers, Hans-Eggert; Seitz, Franz - EconWPA - 2003
This paper analyses the information content of M1 for euro area real GDP since the beginning of the 1980s. After a literature review on the empirical results in individual euro area countries we review some theoretical arguments why real narrow money growth might be an important determinant of...
Persistent link: https://www.econbiz.de/10005125006
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Cointegration Analysis of Money Demand During the Period 1987(I)- 1999(IV) in Turkey
KUTLAR, Aziz - EconWPA - 2001
related with money policy of Turkey were realised, and 1999(IV) when drastic measures were taken to cope with inflation … treasury bond interest return and inflation were analysed. We applied cointegration test for cointegration analysis and a …
Persistent link: https://www.econbiz.de/10005412643
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Monetary policy and the term structure of interest rates in a small open economy - a model framework approach
Kotlán, Viktor - EconWPA - 2001
approximation – the term spread is a potentially useful indicator of future inflation and/or future real economic activity. We argue … policy dependent. Second, we argue that the term spread's predictive ability with regard to future inflation (real economic … activity) increases with increasing weight on inflation (real economic activity) stabilization in central bank's reaction …
Persistent link: https://www.econbiz.de/10005412662
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Estimating a European Demand for Money
Hayo, Bernd - EconWPA - 1998
inflation target, the existence of a stable money demand function at a European level is important. In this paper estimates of …
Persistent link: https://www.econbiz.de/10005412709
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OVERSEAS HOLDINGS OF U.S.CURRENCY AND THE UNDERGROUND ECONOMY
Feige, Edgar L. - EconWPA - 2005
Many public policy decisions require analytical and empirical knowledge concerning the size, growth, causes and consequences of the ‘underground economy”. This paper seeks to clarify the meaning of underground activity, updates various discrepancy and fiscal estimates of its size and growth,...
Persistent link: https://www.econbiz.de/10005561083