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Teles, Pedro - 2010

This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for … countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best … elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation …

Persistent link: https://www.econbiz.de/10012462263

Money and Prices in Colonial America : A New Test of Competing Theories

McCallum, Bennett T. - 1990

paper currency. According to the "quantity theory" or classical hypothesis, total money stock magnitudes did not rise …--as suggested by standard commodity-money analysis. According to the "backing theory" or anti-classical hypothesis, by contrast …

Persistent link: https://www.econbiz.de/10012475650

Optimal Estimation of Discrete Choice Demand Models with Consumer and Product Data

Grieco, Paul L. E.; Murry, Charles; Pinkse, Joris; … - National Bureau of Economic Research - 2025

We propose a conformant likelihood estimator with exogeneity restrictions (CLEER) for random coefficients discrete choice demand models that is applicable in a broad range of data settings. It combines the likelihoods of two mixed logit estimators--one for consumer level data, and one for...

Persistent link: https://www.econbiz.de/10015195043

Causal Inference from Hypothetical Evaluations

Bernheim, Bert Douglas; Björkegren, Daniel; Naecker, … - National Bureau of Economic Research - 2021

This paper explores methods for inferring the causal effects of treatments on choices by combining data on real choices with hypothetical evaluations. We propose a class of estimators, identify conditions under which they yield consistent estimates, and derive their asymptotic distributions. The...

Persistent link: https://www.econbiz.de/10012794643

Asymptotics for GMM estomators with weak instruments

Stock, James H. - 1996

Persistent link: https://www.econbiz.de/10013453509

Global Natural Rates in the Long Run : Postwar Macro Trends and the Market-Implied r* in 10 Advanced Economies

Davis, Joshua M.; Fuenzalida, Cristian; Huetsch, Leon; … - National Bureau of Economic Research - 2023

theory and previous findings …

Persistent link: https://www.econbiz.de/10014421212

Turnover Liquidity and the Transmission of Monetary Policy

Lagos, Ricardo - 2018

influences asset markets, develop a model of this mechanism, and assess the ability of the quantitative theory to match the …

Persistent link: https://www.econbiz.de/10012480757

Colonial American Paper Money and the Quantity Theory of Money : An Extension

Grubb, Farley - 2016

The quantity theory of money is applied to the paper money regimes of seven of the nine British North American colonies … in circulation and prices are found. The failure of the quantity theory of money to explain the value and performance of …

Persistent link: https://www.econbiz.de/10012456483

From Sudden Stops to Fisherian Deflation : Quantitative Theory and Policy Implications

Korinek, Anton - 2013

The 1990s Sudden Stops in emerging markets were a harbinger for the 2008 global financial crisis. During Sudden Stops, countries lost access to credit, causing abrupt current account reversals, and suffered Great Recessions. This paper reviews a class of models that yields quantitative...

Persistent link: https://www.econbiz.de/10012459300

Macro-Prudential Policy in a Fisherian model of Financial Innovation

Bianchi, Javier - 2012

The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs played a central role in the 2008 financial crisis. This paper develops a quantitative general equilibrium framework in which this interaction drives the financial amplification...

Persistent link: https://www.econbiz.de/10012460623