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Money and Income, Causality Detection
Hsiao, Cheng - 2021
In this paper we intend to survey and suggest the theoretical framework of the important aspects of causality detection with the purpose of conveying to the reader the essential features and the different forms in which inferences may be drawn from given data. Section II presents the basic...
Persistent link: https://www.econbiz.de/10013310821
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Monetary Growth, Inflation, and Economic Activity in a Dynamic Macro Model
Turnovsky, Stephen J. - 2007
This paper analyzes the effects of an increase in the monetary growth rate within a dynamic optimizing macroeconomic model. Both the short-run and long-run effects, and therefore the adjustments along the transitional path, depend critically upon the tax structure and the firm's corresponding...
Persistent link: https://www.econbiz.de/10012777378
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Inflation and Unemployment in the Long Run
Berentsen, Aleksander - 2010
We study the long-run relation between money, measured by inflation or interest rates, and unemployment. We first … leisure, which affects the transmission from profits to entry and employment. For conservative parameterizations, money …
Persistent link: https://www.econbiz.de/10012759405
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The Effects of Inflation and Money Supply Announcements on Interest Rates
Urich, Thomas; Wachtel, Paul - 2021
This paper examines the impact of the money supply and inflation rate announcements on interest rates. Survey data on …
Persistent link: https://www.econbiz.de/10013217228
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Monetary Overhang and Reforms in the 1940s
Wolf, Holger C.; Dornbusch, Rudiger - 2021
Post-1945 Europe had many of the traits observed today in Eastern Europe and the Soviet Union: price controls, shortages, black markets and a monetary overhang. The policy response in most countries was monetary reform - - the deliberate immobilization of liquid assets and in many instances an...
Persistent link: https://www.econbiz.de/10013223857
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The Dynamics of High Inflation
Ball, Laurence - 2021
This paper presents a model of a high-inflation economy. The model includes the government budget constraint and money … demand equation of Cagan's 1956 model; an accelerationist Phillips curve that captures inflation inertia; and an aggregate …-spending equation that accounts for the effects of the inflation tax. The paper derives the dynamic effects of fiscal policy, incomes …
Persistent link: https://www.econbiz.de/10013252317
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Inflation, Monetary Velocity, and Welfare
Krugman, Paul R.; Persson, Torsten; Svensson, Lars E. O. - 2021
inflation, and that the optimal monetary policy is that which maximizes real balances. We also show that the real rate of … interest is not invariant to monetary policy: inflation lowers the real rate …
Persistent link: https://www.econbiz.de/10013212922
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Monetary Policy Lessons of Recent Inflation and Disinflation
Poole, William - 2011
The decline of velocity in the 1980s is a surprise that should not have been. Economists unwisely relied on a velocity trend of 3 percent per year when they should have insisted on an economic explanation for rising velocity. An analysis of velocity and interest rates from 1915 to 1986 suggests...
Persistent link: https://www.econbiz.de/10012756883
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Money and Inflation in the Euro Area : A Case for Monetary Indicators?
Gerlach, Stefan; Svensson, Lars E. O. - 2021
This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data … power for future inflation. The real money gap contains more information about future inflation than the output gap and the … Eurosystem's money-growth indicator is an inferior indicator of future inflation …
Persistent link: https://www.econbiz.de/10013312477
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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