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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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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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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, 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
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The Nexus of Monetary Policy and Shadow Banking in China
Chen, Kaiji - 2017
We estimate the quantity-based monetary policy system in China. We argue that China's rising shadow banking was …
Persistent link: https://www.econbiz.de/10012956932
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Monetary Stimulus Amidst the Infrastructure Investment Spree : Evidence from China's Loan-Level Data
Chen, Kaiji; Gao, Haoyu; Higgins, Patrick C.; Waggoner, … - 2022
allocation. We develop a two-stage estimation approach and apply it to China's loan-level data that covers all sectors in the …
Persistent link: https://www.econbiz.de/10013289458
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How Important is Money in the Conduct of Monetary Policy?
Woodford, Michael - 2007
framework that allowed the high inflation of the 1970s. Second, I consider whether models of inflation determination with no … monetary policy strategy of the empirical evidence for a long-run relationship between money growth and inflation. And fourth …, I consider reasons why a monetary policy strategy based solely on short-run inflation forecasts derived from a Phillips …
Persistent link: https://www.econbiz.de/10012776198
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Optimal Monetary Growth
Abel, Andrew B. - 2007
In the absence of monetary superneutrality, inflation affects capital accumulation and the demand for real balances …
Persistent link: https://www.econbiz.de/10012777376
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Is There a Role for Monetary Aggregates in the Conduct of Monetary Policy?
Estrella, Arturo - 2006
We examine the potential policy role of monetary aggregates by attempting to use them as effectively as possible in the analysis of empirical relationships. We consider three possible roles: as information variables, as indicators of policy actions and as instruments in a policy rule. These...
Persistent link: https://www.econbiz.de/10012783973