run and supply shocks dominate in the long run can explain the empirical results, while standard sticky-price models with …

The quality of the money stock declined during the banking crises of the early 1930s. Bank deposits did not serve as a … medium of exchange. This paper presents some evidence to show that the decline in the quality of the money stock contributed …

magnitude of the unperceived money growth. The testing of this hypothesis requires two preliminary steps. First, a price … unperceived money growth. This estimation implies the postulation of an available information set and also a function relating the …A price dispersion equation is tested with data from the German hyper-inflation. The equation is derived from a version …

Why movements in nominal money appear to have strong and lasting effects on real activity is one of the most difficult … paper starts by reviewing the evolution of thought from Keynes' emphasis on wages to the "wage price mechanism" of the early … 1970's. as well as the facts on the relation between money. prices and output. Prom this review. it concludes that the …

among money, credit and nonfinancial economic activity. Data for the United States since World War II show that the volume … of outstanding credit is as closely related to economic activity as is the stock of money, and moreover that neither … money nor credit is sufficient to account fully for the effect of financial markets in determining real economic activity …

monetary and macroeconomics made in Don Patinkin's Money, Interest, and Prices (MIP). Its first accomplishment was to settle … of the Keynesian system, and the requirements for the neutrality of money, which had been disputed for decades. It also … between notional and effective demands, and using it to explain price and quantity adjustments in conditions of unemployment …

relationships existed between money and nominal income, or between money and either real income or prices considered separately … money and income are co-integrated. Even if monetary policy were to be conducted in terms of targets for money growth, the … failure of money and income to be co-integrated means that there is no empirical ground for resisting the "base drift" that …