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Money and Output : Friedman and Schwartz Revisited
Belongia, Michael T. - 2015
More than fifty years ago, Friedman and Schwartz examined historical data for the United States and found evidence of pro-cyclical movements in the money stock, which led corresponding movements in output. We find similar correlations in more recent data; these appear most clearly when Divisia...
Persistent link: https://www.econbiz.de/10012456875
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Money and Inflation in the Euro Area : A Case for Monetary Indicators?
Gerlach, Stefan - 2000
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/10012470705
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Measuring the Fed's Revenue from Money Creation
Barro, Robert J. - 1982
The national accounts include the Fed's payments to the Treasury as a component of corporate taxes. These payments constituted 22% of reported corporate profits taxes in 1981. This paper discusses alternative concepts of inflationary finance. Measures for these concepts are reported for the...
Persistent link: https://www.econbiz.de/10012478228
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Monetary Growth, Inflation, and Economic Activity in a Dynamic Macro Model
Turnovsky, Stephen J. - 1987
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/10012476936
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The Effects of Inflation and Money Supply Announcements on Interest Rates
Urich, Thomas - 1984
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/10012477775
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Inflation, Monetary Velocity, and Welfare
Krugman, Paul R. - 1982
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/10012478118
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Money, Interest and Prices
Fischer, Stanley - 1991
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/10012475425
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Monetary Policy Lessons of recent Inflation and Disinflation
Poole, William - 1987
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/10012476768
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Long-Run Determinants of Inflation Differentials in a Monetary Union
Altissimo, Filippo - 2005
This paper analyzes the long-run determinants of inflation differentials in a monetary union. First, we aim at …some stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the …-traded sector as the primary cause of price and inflation differentials, with shocks to productivity in the traded sector being …
Persistent link: https://www.econbiz.de/10012467206
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Money Announcements, the Demand for Bank Reserves and the Behavior of the Federal Funds Rate Within the Statement Week
Campbell, John Y. - 1986
The effect of money stock announcements on the Federal funds rate has been attributed informally to the information conveyed by the announcements about aggregate reserve demand. This "Aggregate Information Hypothesis" explains the effect without reference to Federal Reserve intervention in the...
Persistent link: https://www.econbiz.de/10012477271