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Adoption of Financial Technologies : Implications for Money Demand and Monetary Policy
Mulligan, Casey B. - 1996
In this paper we argue that the relevant decision for the majority of US households is not the fraction of assets to be held in interest bearing form, but whether to hold any of such assets at all (we call this `the decision to adopt' the financial technology). We show that the key variable...
Persistent link: https://www.econbiz.de/10012473355
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Sticky Prices Versus Monetary Frictions : An Estimation of Policy Trade-offs
Aruoba, S. Boragan - 2009
We develop a two-sector monetary model with a centralized and decentralized market. Activities in the centralized market resemble those in a standard New Keynesian economy with price rigidities. In the decentralized market agents engage in bilateral exchanges for which money is essential. The...
Persistent link: https://www.econbiz.de/10012463778
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On the Welfare Cost of Inflation and the Recent Behavior of Money Demand
Ireland, Peter N. - 2008
Post-1980 U.S. data trace out a stable long-run money demand relationship of Cagan's semi-log form between the M1-income ratio and the nominal interest rate, with an interest semi-elasticity below 2. Integrating under this money demand curve yields estimates of the welfare costs of modest...
Persistent link: https://www.econbiz.de/10012464547
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Operational Time and Seasonality in Distributed Lag Estimation
Clark, Peter K. - 1974
The following paper discusses the analysis of some types of economic time series using an altered time scale, or operational time. It is argued that for some series, observations that are ordinarily thought of as equidistant in time are actually irregularly spaced in a more natural time scale....
Persistent link: https://www.econbiz.de/10012479094
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Integration, Cointegration and the Forecast Consistency of Structural Exchange Rate Models
Cheung, Yin-Wong - 1997
, according to the Johansen procedure, cointegration fails to hold the farther out the forecasts extend. At the one year ahead …
Persistent link: https://www.econbiz.de/10012472881
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The Long-Run U.S./U.K. Real Exchange Rate
Engel, Charles - 1996
economic theory in which the permanent component represents real influences, while the transitory component represents …
Persistent link: https://www.econbiz.de/10012473057
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Non-Cointegration and Econometric Evaluation of Models of Regional Shift and Share
Brown, Scott J. - 1990
equilibrium economic theory is presented to argue for the plausibility of cointegration, however, regional economic forecasting …This paper tests for cointegration between regional output of an industry and national output of the same industry. An … using the shift and share framework often acts as if cointegration does not exist. Data analysis on broad industrial sectors …
Persistent link: https://www.econbiz.de/10012475744
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Cointegration and Tests of Present Value Models
Campbell, John Y. - 1986
In a model where a variable Y[sub t] is proportional to the present value, with constant discount rate, of expected future values of a variable y[sub t] the "spread" S[sub t]= Y[sub t] - [theta sub t] will be stationary for some [theta] whether or not y[sub t]must be differenced to induce...
Persistent link: https://www.econbiz.de/10012477190
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Estimating the Long-Run Relationship Between Interest Rates and Inflation : A Response to McCallum
Summers, Lawrence H. - 1984
This note demonstrates that Bennett McCallum's recent critique of low frequency estimates of macro-economic relationships is of little empirical significance. It also demonstrates that readily available and frequently used techniques can be used to diagnose the problem McCallum raises. Finally,...
Persistent link: https://www.econbiz.de/10012477640
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Understanding Trend and Cycle in Asset Values : Reevaluating the Wealth Effect on Consumption
Lettau, Martin - 2003
Both textbook economics and common sense teach us that the value of household wealth should be related to consumer spending. At the same time, movements in asset values often seem disassociated with important movements in consumer spending, as episodes such as the 1987 stock market crash and the...
Persistent link: https://www.econbiz.de/10012468849