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Interest Rates and Money in the Measurement of Monetary Policy
Belongia, Michael T. - 2014
Over the last twenty-five years, a set of influential studies has placed interest rates at the heart of analyses that interpret and evaluate monetary policies. In light of this work, the Federal Reserve's recent policy of "quantitative easing," with its goal of affecting the supply of liquid...
Persistent link: https://www.econbiz.de/10013053840
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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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Money and Interest Rates in the United States During the Great Depression
Basile, Peter - 2010
This paper reexamines the debate over whether the United States fell into a liquidity trap in the 1930s. We first review the literature on the liquidity trap focusing on Keynes's discussion of "absolute liquidity preference" and the division that soon emerged between Keynes, who believed that a...
Persistent link: https://www.econbiz.de/10013139970
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The Role of Money Supply Shocks in the Short-Run Demand for Money
Carr, Jack; Darby, Michael R. - 2021
Previous models of the demand for money are either inconsistent with contemporaneous adjustment of the price level to expected changes in the nominal money supply or imply implausible fluctuations in interest rates in response to unexpected changes in the nominal money supply. This paper...
Persistent link: https://www.econbiz.de/10013224382
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Short-Run Money Demand
Ball, Laurence - 2021
The paper estimates a long-run demand function for M1, using U.S. data for 1959-1993. This paper interprets deviations from this long-run relation with Goldfeld's partial adjustment model. A key innovation is the choice of the interest rate in the money demand function. Most previous work uses a...
Persistent link: https://www.econbiz.de/10013236795
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Money Runs
Donaldson, Jason Roderick - 2019
We develop a model in which, as in practice, bank debt is both a financial security used to raise funds and a kind of money used to facilitate trade. This dual role of bank debt provides a new rationale for why banks do what they do. In the model, banks endogenously perform the essential...
Persistent link: https://www.econbiz.de/10012862412
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Money Demand Predictability
Roley, V. Vance - 2021
The performance of empirical money demand equations over the past decade raises serious questions about money demand predictability. A variety of specifications were presented to explain past episodes of apparent money demand instability, but their success in predicting future money demand is...
Persistent link: https://www.econbiz.de/10013231225
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Monopolistic Competition, Aggregate Demand Externalities and Real Effects of Nominal Money
Blanchard, Olivier J.; Kiyotaki, Nobuhiro - 2021
A long standing issue in macroeconomics is that of the relation of imperfect competition to fluctuations in output. In this paper we examine the relation between monopolistic competition and the role of aggregate demand in the determination of output. We first show that monopolistically...
Persistent link: https://www.econbiz.de/10013229844
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Eurowinners and Eurolosers : The Distribution of Seigniorage Wealth in Emu
Sinn, Hans-Werner - 2010
The European Monetary Union (EMU) will involve socialization of the existing seigniorage wealth of the national central banks, because the Euro will have to be bought by these banks in exchange for assets which have been accumulated in the historical process of money creation. This socialization...
Persistent link: https://www.econbiz.de/10012763579
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Money, Output and Prices : Evidence from a New Monetary Aggregate
Rotemberg, Julio J. - 2010
This paper develops a new utility-based monetary aggregate which we label the currency equivalent aggregate. This aggregate equals the stock of currency that would be required for households to obtain the same liquidity services that they get from their entire collection of monetary assets. We...
Persistent link: https://www.econbiz.de/10013135124