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Identifying Uncertainty Shocks Using the Price of Gold
Piffer, Michele - 2017
We propose a new instrument to identify uncertainty shocks in a SVAR model with external instruments. The instrument is constructed by exploiting variations in the price of gold around events that capture periods of changes in uncertainty. The variations in the price of gold around the events...
Persistent link: https://www.econbiz.de/10012961957
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Divorce and Gold Coins : A Case Study of Iran
Farzanegan, Mohammad Reza - 2018
The increasing divorce rate has become a major social concern for policy makers in the Islamic government of Iran. The price of gold coin is an important factor in cost-benefit analysis for individuals in their marriage and divorce decisions in Iran. Dowries (Mehrieh) are usually in the form of...
Persistent link: https://www.econbiz.de/10012924341
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Scylla and Charybdis - Explaining Europe's Exit from Gold, January 1928 - December 1936
Wolf, Nikolaus - 2021
The paper examines the timing of exit from the interwar gold-exchange standard for a panel of European countries, based on monthly data over the period January 1928 - December 1936. I show that exit from gold can be understood in terms of a trade-off between a limited set of factors commonly...
Persistent link: https://www.econbiz.de/10013316548
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Pegxit Pressure : Evidence from the Classical Gold Standard
Mitchener, Kris James - 2017
We develop a simple model that highlights the costs and benefits of fixed exchange rates as they relate to trade, and show that negative export-price shocks reduce fiscal revenue and increase the likelihood of an expected currency devaluation. Using a new high-frequency data set on...
Persistent link: https://www.econbiz.de/10012965714
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Shooting on a Moving Target : Explaining European Bank Rates during the Interwar Period
Wandschneider, Kirsten - 2013
This paper describes the monetary policy response of countries during the inter-war period. How did central banks react to the Great Depression? How did countries balance the externals demands of the gold standard with domestic policy pressures? What was the optimal level of international policy...
Persistent link: https://www.econbiz.de/10013095799
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What Marx Means Today
Sinn, Hans-Werner - 2017
Marx made significant contributions to macroeconomics, laying the grounds for both Keynes's theory of aggregate demand … and Schumpeter's theory of creative destruction. His law of the tendency of the rate of profit to fall parallels Alvin … Hansen's theory of secular stagnation which has recently received much attention among scholars studying the financial crises …
Persistent link: https://www.econbiz.de/10012954595
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Outside Versus Inside Bonds : A Modigliani-Miller Type Result for Liquidity Constrained Economies
Berentsen, Aleksander - 2010
When agents are liquidity constrained, two options exist - sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government (outside) bonds and in the other they can borrow by issuing (inside) bonds. All transactions are voluntary, implying no...
Persistent link: https://www.econbiz.de/10013135267
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The Cash-in-Advance Constraint in Monetary Growth Models
Heer, Burkhard - 2011
In most monetary models of economic growth, higher long-run inflation is associated with a decline in the growth rate and employment. We show that this result is sensitive with respect to the specification of the cash-in-advance constraint. We consider three types of endogenous growth models:...
Persistent link: https://www.econbiz.de/10013117984
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The Quantity Theory of Money and Friedmanian Monetary Policy : An Empirical Investigation
Hillinger, Claude - 2013
We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect …
Persistent link: https://www.econbiz.de/10013091422
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Is Optimal Monetary Policy Always Optimal?
Davig, Troy - 2015
No. And not only for the reason you think. In a world with multiple inefficiencies the single policy tool the central bank has control over will not undo all inefficiencies; this is well understood. We argue that the world is better characterized by multiple inefficiencies and multiple policy...
Persistent link: https://www.econbiz.de/10013017379