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The quantity theory of money and Friedmanian monetary policy : an empirical investigation
Hillinger, Claude; Süssmuth, Bernd; Sunder, Marco - 2012
We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect to the specific steps taken as well as the general methodology employed. Empirical studies of the QTM have focused directly on the relationship between the rate of change of the...
Persistent link: https://www.econbiz.de/10009508095
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A model of supply chain finance
Hu, Bo; Watanabe, Makoto; Zhang, Jun - 2023
This article develops a model in which an intermediary uses a supply chain finance (SCF) program to fund suppliers. The SCF program pools liquidity from suppliers and meanwhile provides immediate payment to suppliers with pressing liquidity needs. We show that the intermediary optimally selects...
Persistent link: https://www.econbiz.de/10014431335
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Intratemporal nonseparability between housing and nondurable consumption : evidence from reinvestment in housing stock
Khorunzhina, Natalia - 2019
Using the data on maintenance expenditures and self-assessed house value, I separate the measure of individual housing … stock and house prices, and use these data for testing whether nondurable consumption and housing are characterized by … nondurable consumption and housing. I reach a similar conclusion for some separate consumption categories, such as food and …
Persistent link: https://www.econbiz.de/10012024427
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The short and the long of it : stock-flow matching in the US housing market
Smith, Eric; Xie, Zoe; Fang, Lei - 2022
the importance of stock-flow matching for understanding housing market dynamics. …This paper investigates the US housing market from just before the Great Recession onward (2006-2019) and assesses the … housing slump sooner, faster, and more prominently than slower sales. The simulated stock-flow matching model can not only …
Persistent link: https://www.econbiz.de/10013419282
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Anonymous money, moral sentiments and welfare
Kanniainen, Vesa; Pääkkönen, Jenni - 2004
Some markets are prone to develop shadow transactions for the purpose of tax avoidance. Moral sentiments control the allocation of consumers between the legal and illicit markets. Such sentiments include self-esteem and social disapproval. The market solution leads to fiscal externality...
Persistent link: https://www.econbiz.de/10011450493
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Why has the Euro been falling?
Sinn, Hans-Werner; Westermann, Frank - 2001
This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its...
Persistent link: https://www.econbiz.de/10011398903
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Credit booms, debt overhang and secular stagnation
Illing, Gerhard; Ono, Yoshiyasu; Schlegl, Matthias - 2017
Why do advanced economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit booms? We present a model of persistent aggregate demand shortage based on strong liquidity preferences of households, in which we incorporate financial imperfections to study...
Persistent link: https://www.econbiz.de/10011774952
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Cash in circulation and the shadow economy : an empirical investigation for Euro area countries and beyond
Seitz, Franz; Reimers, Hans-Eggert; Schneider, Friedrich - 2018
We analyze the net issues of the national euro area central banks in relation to the dynamics of the shadow economy …
Persistent link: https://www.econbiz.de/10011872942
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The transmission of German monetary policy in the pre-Euro period
Lütkepohl, Helmut; Wolters, Jürgen - 2001
A small macroeconomic model is constructed to study the transmission of the monetary policy conducted by the Deutsche Bundesbank (DBB) since the middle of the 1970s. For this purpose quarterly, seasonally unadjusted data for the period from 1975 to 1998 are used, that is, the period until the...
Persistent link: https://www.econbiz.de/10011400913
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Comment on Feige's paper "Reflections on the meaning and measurement of unobserved economies : what do we really know about the 'Shadow Economy'?"
Schneider, Friedrich - 2016
This comment provides a reply to Prof. Feige's paper with the title "Reflections on the Meaning and Measurement of Unobserved Economies: What do we really know about the 'Shadow Economy'?", in which Prof. Feige heavily criticizes me. I show that the same critique which Prof. Feige raises against...
Persistent link: https://www.econbiz.de/10011444477