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A Model of Monetary Equilibrium with Random Output and Restricted Borrowing
Mierzejewski, Fernando - 2010
An alternative theoretical setting is presented to characterise the money demand and the monetary equilibrium. Two main hypotheses are stated that contradict the assumptions normally sustained by scholars and policy-makers: National output is assumed to be a random variable, and people are...
Persistent link: https://www.econbiz.de/10013148534
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Comparisons of different monetary policies in China with yield curve information
Pang, Iris Ai Jao - Volkswirtschaftliche Fakultät, … - 2010
This work compares the effectiveness of quantity-based and price-based monetary policies in China using FAVAR. This … information in the analysis. It is found that effects of tightening monetary policies in China follow largely the stylized facts …
Persistent link: https://www.econbiz.de/10009228920
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Overview of the Evolution of China's Central Bank and Monetary Policy: Correlation to the European Union
Skold, Alida S. - Volkswirtschaftliche Fakultät, … - 2011
As an innovator in the financial system, China was the first to use paper currency. Eventually the form of currency was … correlation between China’s structure and the European Union’s structure provides opportunities for further study to determine …
Persistent link: https://www.econbiz.de/10009323474
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Structure versus Agency in the Great Deprivation of 21st Century
Naqvi, Nadeem - Volkswirtschaftliche Fakultät, … - 2009
Agency-based explanations of the great deprivation, contrasted with structure-based explanations, suffer not merely from the criticism of relying on irrational and irresponsible behavior of millions, including that of the most astute financial experts, but are also at a loss to explain why such...
Persistent link: https://www.econbiz.de/10005619598
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New Approach to Analyzing Monetary Policy in China
Petreski, Marjan; Jovanovic, Branimir - Volkswirtschaftliche Fakultät, … - 2012
Any attempt to model monetary policy in China has to take into account two ‘specifics’ of the Chinese monetary policy … People’s Bank of China, i.e. the two intermediate targets - the exchange rate and the money growth. In this paper we analyze … monetary policy in China using a small, three-equation New Keynesian model, considering these issues as follows: first, the …
Persistent link: https://www.econbiz.de/10011258414
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Halaju wang di Malaysia : bukti empirik
Abdul Karim, Zulkefly; Jusoh, Mansor; Khalid, Norlin - Volkswirtschaftliche Fakultät, … - 2008
This paper aims to examine the volatility of money velocity and also to estimate the velocity of money function in Malaysia by using the quarterly time series data. This study employed the recent econometric techniques such as volatility model in ARCH and GARCH framework, Johansen co integration...
Persistent link: https://www.econbiz.de/10008740588
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New evidence on income and the velocity of money
Graves, Philip E. - Volkswirtschaftliche Fakultät, … - 1978
Time series and cross-country empirical results suggest that cash holding as a percentage of income rises, or alternatively that velocity falls, as income increases. Numerous cross-sectional findings at many points in time, in several countries conclude oppositely. It is argued here that the...
Persistent link: https://www.econbiz.de/10008567635
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The velocity of money: evidence for the U.K. 1911-1966.
Graves, Philip E. - Volkswirtschaftliche Fakultät, … - 1980
This paper presents secular evidence on the income velocity of money balances. Under a variety of specifications and statistical techniques, employed on both traditional and non-traditional variables, the Friedman assertion that money is a superior good is found to lack empirical support....
Persistent link: https://www.econbiz.de/10008567643
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Wealth and cash asset proportions
Graves, Philip E. - Volkswirtschaftliche Fakultät, … - 1976
While the paper lacks an abstract, it argues that the proportion of a portfolio devoted to cash decreases as wealth grows. This is consistent with decreasing relative risk aversion and with a money demand that is normal, but not superior.
Persistent link: https://www.econbiz.de/10008567655
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Relative risk aversion: increasing or decreasing?
Graves, Philip E. - Volkswirtschaftliche Fakultät, … - 1979
While there is no abstract for this paper, it makes an argument that relative risk aversion is decreasing in wealth rather than increasing in wealth as hypothesized by Arrow, using the money demand findings of Friedman.
Persistent link: https://www.econbiz.de/10008567680