asset (money). We show that, even in the absence of asymmetric information or an agency problem, the private provision of … this. This distortion is present even if we introduce lending and government money. To eliminate the inefficiency the …

reduced form relationships involving money and interest rates. Geweke linear feedback measures are presented for a subset of … relationships involving money than expected, while interest rate leads, though significant, are often at long lags. In addition …, aggregate ERM money demand functions are shown to be stable. These results, though not conclusive, provide support for the case …

substantial extent by real variables, such as the terms of trade and oil prices, and nominal variables, such as the money supply …

. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyse the effects on inflation …

IS-LM framework tends to understate the value of money as an indicator for monetary policy. …

We examine the role of money in three environments: the New Keynesian model with separable utility and static money …. The last two variants imply forward-looking behaviour of real money balances, with forecasts of future interest rates … estimates confirm the forward-looking character of money demand. A consequence is that real money balances are valuable in …

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central … contributions to research on monetary policy in the last two decades. Of course, if one allows for a direct effect of money on …

driven by the crisis. Our general point is that money matters in financial markets. Different financial assets have different …

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard … decades. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect …