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The Quantity Theory of Money: An Assessment of its Real Linchpin Prediction
Hillinger, Claude; Süßmuth, Bernd - CESifo - 2010
This study approaches the Quantity Theory of Money at a conceptual level, asking how it can be most reasonably interpreted and quantitatively assessed. The resulting approach is straightforward. Unlike studies relying on other methods we find evidence of its linchpin prediction that is not...
Persistent link: https://www.econbiz.de/10008534035
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The Quantity Theory of Money : An Assessment of Its Real Linchpin Prediction
Hillinger, Claude; Süssmuth, Bernd - 2021
This study approaches the Quantity Theory of Money at a conceptual level, asking how it can be most reasonably interpreted and quantitatively assessed. The resulting approach is straightforward. Unlike studies relying on other methods we find evidence of its linchpin prediction that is not...
Persistent link: https://www.econbiz.de/10013316221
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The Effect of Monetary Unification on Public Debt and its Real Return
Beetsma, Roel; Vermeylen, Koen - CESifo - 2005
We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...
Persistent link: https://www.econbiz.de/10005416489
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Monetary Policy Through Production Networks : Evidence from the Stock Market
Ozdagli, Ali K. - 2017
Monetary policy shocks have a large impact on aggregate stock market returns in narrow event windows around press releases by the Federal Open Market Committee. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct (demand) effect and an indirect...
Persistent link: https://www.econbiz.de/10012953959
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Time Variation in U.S. Wage Dynamics
Hofmann, Boris; Peersman, Gert; Straub, Roland - CESifo - 2010
This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates …", technology shocks in contrast triggered wage-price spirals, moving nominal wages and prices in the same direction at longer … horizons, thus counteracting the required adjustment of real wages, amplifying the ultimate repercussions on prices and hence …
Persistent link: https://www.econbiz.de/10008833938
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The Bank Lending Channel in a Dual Banking System : Evidence from Malaysia
Caporale, Guglielmo Maria - 2016
This paper examines the bank lending channel of monetary transmission in Malaysia, a country with a dual banking system including both Islamic and conventional banks, over the period 1994:01-2015:06. A two-regime threshold vector autoregression (TVAR) model is estimated to take into account...
Persistent link: https://www.econbiz.de/10012994579
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Time Variation in U.S. Wage Dynamics
Hofmann, Boris - 2011
This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates …", technology shocks in contrast triggered wage-price spirals, moving nominal wages and prices in the same direction at longer … horizons, thus counteracting the required adjustment of real wages, amplifying the ultimate repercussions on prices and hence …
Persistent link: https://www.econbiz.de/10013131601
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Around the World with Irving Fisher
Gylfason, Thorvaldur; Tómasson, Helgi; Zoega, Gylfi - CESifo - 2015
This paper aims to show why Irving Fisher’s own data on interest rates and inflation in New York, London, Paris, Berlin, Calcutta, and Tokyo from 1825 to 1927 suggested to him that nominal interest rates adjusted neither quickly nor fully to changes in inflation, not even in the long run. In...
Persistent link: https://www.econbiz.de/10011205384
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Is Greece Turning the Corner? A Theory-Based Assessment of Recent Greek Macro-Policy
Arghyrou, Michael G. - CESifo - 2014
We use a macro-theory framework of analysis to assess Greek macro-policy with emphasis on the period of the Greek debt crisis. The latter is mainly the result of misguided past internal policies deviating from the policy lessons of modern macroeconomics. The current policy, however, provides a...
Persistent link: https://www.econbiz.de/10010948838
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Liquidity Traps and Large-Scale Financial Crisis
Caggiano, Giovanni - 2018
This paper estimates a nonlinear Threshold-VAR to investigate if a Keynesian liquidity trap due to a speculative motive was in place in the U.S. Great Depression and the recent Great Recession. We find clear evidence in favor of a breakdown of the liquidity effect after an unexpected increase in...
Persistent link: https://www.econbiz.de/10012914605