Narrow search
Showing 1 - 10 of 6,547
Cover Image
Is Quantity Theory Still Alive?
Teles, Pedro - 2010
This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for … countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best … elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation …
Persistent link: https://www.econbiz.de/10013137767
Cover Image
Menu Costs and Phillips Curves
Golosov, Mikhail; Lucas, Robert E. - 2021
shocks as well as general inflation. Sellers can change price only by incurring a real menu cost.' We calibrate this cost and … and Kryvtsov. The prediction of the calibrated model for the effects of high inflation on the frequency of price changes …
Persistent link: https://www.econbiz.de/10013230214
Cover Image
Money, Interest and Prices
Fischer, Stanley - 2021
Twenty five years after the publication of the second edition, this paper describes and evaluates the Contributions to monetary and macroeconomics made in Don Patinkin's Money, Interest, and Prices (MIP). Its first accomplishment was to settle definitively many issues, such as the valid and...
Persistent link: https://www.econbiz.de/10013230788
Cover Image
Modeling Money
Christiano, Lawrence J.; Eichenbaum, Martin; Evans, … - 2021
We develop and implement a limited information diagnostic strategy for assessing the plausibility of monetary business cycle models. Our strategy focuses on a model's ability to reproduce empirical estimates of an actual economy's response to monetary policy shocks. A key input to this...
Persistent link: https://www.econbiz.de/10013313233
Cover Image
Is Numerairology the Future of Monetary Economics? Unbundling Numeraire and Medium of Exchange Through a Virtual Currency and a Shadow Exchange Rate
Buiter, Willem H. - 2010
The paper discusses some fundamental problems in monetary economics associated with the determination and role of the numeraire. The issues are introduced by formalising a proposal, attributed to Eisler, to remove the zero lower bound on nominal interest rates by unbundling the numeraire and...
Persistent link: https://www.econbiz.de/10012760448
Cover Image
Money, Credit, and Business Fluctuations
Stiglitz, Joseph E. - 2010
This paper provides a critique of standard theories of money, in particular those based on money as a medium of exchange. Money is important because of the relationship between money and credit. The process of judging credit worthiness, in which banks play a central role, involves the collection...
Persistent link: https://www.econbiz.de/10012762760
Cover Image
Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework
Canzoneri, Matthew B. - 2008
response functions. We also study the role of monetary aggregates and velocity in predicting inflation in the two models …
Persistent link: https://www.econbiz.de/10012770665
Cover Image
The Digitalization of Money
Brunnermeier, Markus K. - 2019
The ongoing digital revolution may lead to a radical departure from the traditional model of monetary exchange. We may see an unbundling of the separate roles of money, creating fiercer competition among specialized currencies. On the other hand, digital currencies associated with large platform...
Persistent link: https://www.econbiz.de/10012862410
Cover Image
Liquidity Deflation and Liquidity Trap Under Flexible Prices : Some Microfoundations and Implications
Calvo, Guillermo - 2019
could be achieved by low policy interest rates on money (unless ZLB holds) and, more interestingly, higher inflation driven …
Persistent link: https://www.econbiz.de/10012862840
Cover Image
The Limits of <I>Onetary Economics</I> : On Money as a Latent Medium of Exchange
Lagos, Ricardo - 2020
We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is imperfect competition in the intermediation of credit, settlement, or payment services used to conduct transactions. We find that the option to settle transactions directly with money...
Persistent link: https://www.econbiz.de/10012841424