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Changing monetary transmission mechanisms within the EU

Juselius, Katarina - In: Empirical Economics 23 (1998) 3, pp. 455-481

The paper presents a comparative analysis of monetary transmission mechanisms and changes in them after the "second ERM" in March 1983. The empirical model investigates the determination of money, income, prices, and interest rates in Germany, Denmark, and Italy based on the cointegrated VAR...

Persistent link: https://www.econbiz.de/10005758307

Money demand, the Cagan model, testing rational expectations vs adaptive expectations: The case of Turkey

Metin, Kivilcim; Muslu, Ilker - In: Empirical Economics 24 (1999) 3, pp. 415-426

inflation tax revenue. Finally, the Cagan model is estimated with the additional assumption of rational expectations for Turkey …

Persistent link: https://www.econbiz.de/10005612895

The effects of learning and signaling on money demand: With an application to heterodox inflation stabilization programs

Ruge-Murcia, Francisco J. - In: Empirical Economics 25 (2000) 1, pp. 61-91

This paper develops a nonlinear vector autoregression of inflation and money growth subject to changes in regime. The … regimes are fully characterized by the mean and variance of inflation and are conjectured to be the result of alternative … government policies. Agents are unable to observe directly whether government actions are indeed consistent with the inflation …

Persistent link: https://www.econbiz.de/10005382345

The cyclical behaviour of prices in the U.K.: Some structural time series evidence

Moosa, Imad A. - In: Empirical Economics 25 (2000) 2, pp. 261-278

The cyclical behaviour of prices in the U.K. is investigated using a sample of annual observations covering the period 1886-1993. A structural time series model relating consumer prices to output is estimated over four sub-periods. The results indicate that prices were procyclical in the...

Persistent link: https://www.econbiz.de/10005382219

The demand for money in Austria

Hayo, Bernd - In: Empirical Economics 25 (2000) 4, pp. 581-603

In this paper, the demand for real money M1, M2, and M3 is estimated for Austria over the time period 1965-96. The modelling takes place within the framework of a small vector autoregression. To estimate the demand for money, two-equation error-correction models are constructed, which contain...

Persistent link: https://www.econbiz.de/10005382487

A money demand system for German M3

Wolters, JØrgen; LØtkepohl, Helmut - In: Empirical Economics 23 (1998) 3, pp. 371-386

model for M3, GNP, an inflation rate and an interest rate spread variable to represent opportunity costs of holding money …. Furthermore, import price inflation is added as an exogenous variable. The model is used to analyze the relation between money … growth and inflation by means of an impulse response analysis. …

Persistent link: https://www.econbiz.de/10005758323

Empirical modeling of money demand

Ericsson, Neil R. - In: Empirical Economics 23 (1998) 3, pp. 295-315

theory, data measurement, parameter constancy, the opportunity cost of holding money, cointegration, model specification …

Persistent link: https://www.econbiz.de/10005166656

Exogeneity, causality, and co-breaking in economic policy analysis of a small econometric model of money in the UK

Mizon, Grayham E.; Hendry, David F. - In: Empirical Economics 23 (1998) 3, pp. 267-294

that the model be congruent and encompassing, and hence exogeneity, causality, cointegration, co-breaking, and invariance …

Persistent link: https://www.econbiz.de/10005166743

Broad money demand and financial liberalization in Greece

Sharma, Sunil; Ericsson, Neil R. - In: Empirical Economics 23 (1998) 3, pp. 417-436

guidelines. In spite of financial innovation, financial liberalization, and large fluctuations in the inflation rate, the …

Persistent link: https://www.econbiz.de/10005613053