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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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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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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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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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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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World Food Prices and Monetary Policy
Catão, Luis A. V. - 2010
In recent years, large fluctuations in world food prices have renewed interest in the question of how monetary policy in small open economies should react to imported price shocks. We address this issue in an open economy setting similar to previous ones except that food plays a distinctive role...
Persistent link: https://www.econbiz.de/10013135409
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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
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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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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 Band Pass Filter
Christiano, Lawrence J.; Fitzgerald, Terry J. - 2021
illustrate the use of this approximation, we use it to characterize the change in the nature of the Phillips curve and the money-inflation … change in money growth-inflation relation …
Persistent link: https://www.econbiz.de/10013230362