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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 …

Persistent link: https://www.econbiz.de/10012759405

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

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

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

Short-Run Money Demand

Ball, Laurence M. - 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

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

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

The Time-Varying-Parameter Model as an Alternative to Arch for Modeling Changing Conditional Variance : the Case of Lucas Hypothesis

Nelson, Charles R. - 2010

The main econometric issue in testing the Lucas hypothesis (1973) in a times series context is the estimation of the variance conditional on past information. The ARCH model, proposed by Engle (1982), is one way of specifying the conditional variance. But the assumption underlying the ARCH...

Persistent link: https://www.econbiz.de/10012760032

Digital Cash : Principles & Practical Steps

Bordo, Michael D. - 2019

policies undertaken in the Eurozone and in Japan have been similarly limited in impact. We then consider how digital cash could …

Persistent link: https://www.econbiz.de/10012894443

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