can be analyzed as a credibility problem if the government has only one policy instrument, money supply carried out by … solve the credibility problem. They involve printing money or nominal debt and either (1) cutting taxes, (2) buying real … these policy instruments. It commits to higher money supply in the future so that the private sector expects inflation …

money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non … policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and …

The most salient trend in monetary policy over the past two decades has been increasing reliance on money market … competition in their financial markets complicates their efforts to rely on money market operations, at times forcing them to rely … instead on direct instruments or moral suasion. In some larger countries, the shift toward a reliance on money market …

This paper looks at whether the aggregate ERM money supply has been a useful predictor of short-term changes in … period since 1987, when there have been no realignments, the ERM money supply performs at least as well, and arguably better … neither money supply is a good predictor of real activity. …

, time series and structural models of the money multiplier and money demand yield results that are statistically and …

Some recent studies suggest the possibility of estimating a stable aggregate demand-for-money relationship for the …-invariables framework to identify what is gained and what may be lost through cross-border aggregation of money demand. It provides an …