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Persistent link: https://www.econbiz.de/10005721237
We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any … paribus unitary relationship between inflation and money growth. Simulations of a New Keynesian model suggest that we should … allowance needed for the phase shift in the relationship between monetary growth rates and inflation. While financial innovation …
Persistent link: https://www.econbiz.de/10008764380
expected inflation. The inability of the Fed to maintain a credible commitment to low interest rates in the face of increased … government spending and rising inflation led to the Fed-Treasury Accord of March 1951. Following the Accord, the external …
Persistent link: https://www.econbiz.de/10010787050
Persistent link: https://www.econbiz.de/10005361206
Money demand and the stock of money have all but disappeared from monetary policy analyses. This paper is an empirical contribution to the debate over the role of money in monetary policy analysis. The paper models supply and demand interactions in the money market and finds evidence of an...
Persistent link: https://www.econbiz.de/10005368183
economies. In general, we find that the P* approach is useful in the analysis of German inflation, but that it is less promising …
Persistent link: https://www.econbiz.de/10005368454
Despite the importance of well-specified empirical money-demand functions for inference, forecasting, and policy, problems in modeling have arisen concerning the economic theories of money demand, the data, institutional frameworks, financial innovation, and econometric implementation. By...
Persistent link: https://www.econbiz.de/10005712702
Persistent link: https://www.econbiz.de/10005721212
, inflation, the interest rate, and exchange rate depreciation depends on the inclusion of a "ratchet" variable that captures … irreversible effects of inflation. Short-run dynamics differ markedly from the long run. Algorithmically based model selection …
Persistent link: https://www.econbiz.de/10005498811
Persistent link: https://www.econbiz.de/10005393801