developments in the principle of cointegrated variables. M2 but not M1 is cointegrated with relevant price, transactions, and rate …. Nevertheless, changes in M2 do contain information about future inflation, consistent with the view that the demand for money …

public debt affect price variability via aggregate demand effects, suggesting that fiscal outcomes could be a direct source … of inflation variability, as predicted by the fiscal theory of the price level. …

Mechanism (ERM) of the European Monetary System can be expressed as a stable function of ERM-wide income, inflation, interest …

production while every member could create deposit money. Interest rate rigidity forestalled an equilibrating adjustment in …

in broad money during the 1970s and 1980s and the sharp decline in the income velocity of broad money during 1986-88. The …This paper presents estimates of a demand function for broad money in Japan. The function explains both secular trends … inclusion of wealth and a measure of the return on holding broad money is essential to the specification of the money …

of money itself, have been undergoing substantial change in many countries due in large part to recent innovation, which … increasingly tend to focus on multiple creators and instruments of money as opposed to just currency and transferable demand … money measures. The paper concludes that the emerging trend towards broader concepts of money implies the need for some …