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Seigniorage Revenue and Inflation Tax in Turkish economy
doğru, bülent - Volkswirtschaftliche Fakultät, … - 2013
The goal of this study is to test the implication of optimal seigniorage theory that in the long run higher tax rates … 1980-2011. We estimate the Mankiw’s (1987) optimal seigniorage model for Turkish Economy with the cointegration and vector …
Persistent link: https://www.econbiz.de/10011260525
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Seigniorage Earnings of Commercial Banks and State Bank of Pakistan
Arby, Muhammad Farooq - Volkswirtschaftliche Fakultät, … - 2006
The paper reviews the trend of seigniorage earnings by State Bank of Pakistan and commercial banks. It is found that … seigniorage revenue of the SBP has declined overtime which indicates autonomy of the central bank as well as less reliance of the … government on SBP’s resources for budget financing. In general, a direct relationship has been observed between seigniorage and …
Persistent link: https://www.econbiz.de/10005616811
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The Excess Demand Theory of Money
Kehrwald, Bernie - Volkswirtschaftliche Fakultät, … - 2014
This paper introduces a new monetary theory. A simple model is described in which a central bank sets the interest rate in a way that the excess demand for credits equals the preferred amount of money. It is compatible with the Keynesian liquidity preference theory and the neoclassical loanable...
Persistent link: https://www.econbiz.de/10011156995
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Liquidity preference as rational behaviour under uncertainty
Mierzejewski, Fernando - Volkswirtschaftliche Fakultät, … - 2006
An important concern of macroeconomic analysis is how interest rates affect the cash balance demanded at a certain level of nominal income. In fact, the interest-rate- elasticity of the liquidity demand determines the effectiveness of monetary policy, which is useless under absolute liquidity...
Persistent link: https://www.econbiz.de/10005835751
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Loan Dollarization in V4 Countries
Bednarik, Radek - Volkswirtschaftliche Fakultät, … - 2007
This paper deals with loans dollarization of V4 countries residents, its development and sectoral composition. By conducting simple OLS regression for each V4 country tries to find out some factors that may have been contributing to dollarized loans development.
Persistent link: https://www.econbiz.de/10005836230
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Causality between Money and Prices:Evidence from Pakistan
Husain, Fazal; Mahmood, Tariq - Volkswirtschaftliche Fakultät, … - 1998
This paper re-examines the causal relationship between money and prices in Pakistan using recent data on money and prices and taking care of time series properties. The results of the paper suggest a unidirectional causality running from money to prices. Further, it seems that the monetary...
Persistent link: https://www.econbiz.de/10005836259
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Simple Monetary Rules under Fiscal Dominance
Michael, Kumhof; Ricardo, Nunes; Irina, Yakadina - Volkswirtschaftliche Fakultät, … - 2007
This paper asks whether an aggressive monetary policy response to inflation is feasible in countries that suffer from fiscal dominance, as long as monetary policy also responds to fiscal variables. We find that if nominal interest rates are allowed to respond to government debt, even aggressive...
Persistent link: https://www.econbiz.de/10005836467
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Measurement Error in Monetary Aggregates: A Markov Switching Factor Approach
Barnett, William A.; Chauvet, Marcelle; Tierney, … - Volkswirtschaftliche Fakultät, … - 2007
This paper compares the different dynamics of the simple sum monetary aggregates and the Divisia monetary aggregate indexes over time, over the business cycle, and across high and low inflation and interest rate phases. Although traditional comparisons of the series sometimes suggest that simple...
Persistent link: https://www.econbiz.de/10005836526
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The End of the Great Moderation: “We told you so.”
Barnett, William A.; Chauvet, Marcelle - Volkswirtschaftliche Fakultät, … - 2008
The current financial crisis followed the “great moderation,” according to which the world’s central banks had gotten so good at countercyclical policy that the business cycle no longer existed. As more and more economists and media people became convinced that the risk of recessions had...
Persistent link: https://www.econbiz.de/10005836728
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Assessing the adequacy of measures of Australia’s price competitiveness and structural change
Harding, Don - Volkswirtschaftliche Fakultät, … - 2001
There are a plethora of measures of Australia’s international price competitiveness. This article provides a practitioners guide to those series. The currently available measures of international price competitiveness are found to be deficient. A theoretically sound measure is suggested and...
Persistent link: https://www.econbiz.de/10005837197