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Redundancy or Mismeasurement? A Reappraisal of Money
Hendrickson, Joshua - Volkswirtschaftliche Fakultät, … - 2010
The emerging consensus in monetary policy and business cycle analysis is that money aggregates are not useful as an intermediate target for monetary policy or as an information variable. The uselessness of money as an intermediate target is driven by empirical research that suggests that money...
Persistent link: https://www.econbiz.de/10008529232
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Indeterminacy with Constant Money Growth Rules and Income-Based Liquidity Constraints
Bosi, Stefano; Dufourt, Frédéric - Centre d'Études des Politiques Économiques (EPEE), … - 2005
We study the implications of constant money growth rules on the stability properties of the equilibrium, in economies where agents are subject to a partial cash-in-advance constraint applying simultaneously to consumption and investment purchases. By reference to similar models in which the...
Persistent link: https://www.econbiz.de/10010655968
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Animal spirits in cash-in-advance economies
Bosi, Stefano; Dufourt, Frédéric; Magris, Francesco - In: Recherches économiques de Louvain 73 (2007) 2, pp. 131-151
The possibility of indeterminacy and sunspot fluctuations in dynamic rational expectations models has been often questioned on empirical grounds, for such models are widely believed to rely on implausibly high degrees of increasing returns to scale and/or other controversial calibrations of...
Persistent link: https://www.econbiz.de/10005560192
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The French monetary and exchange rate experience in the 1920s
Grissa, Abdessatar; Connolly, Michael - In: Recent issues in the theory of flexible exchange rates …, (pp. 281-282). 1983
Persistent link: https://www.econbiz.de/10002523851
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Forecasting and policy making
Wieland, Volker; Wolters, Maik Hendrik - House of Finance, Goethe Universität Frankfurt am Main - 2012
Persistent link: https://www.econbiz.de/10010955284
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Growth Policies and Macroeconomic Stability
Sutherland, Douglas; Hoeller, Peter - Economics Department, Organisation de Coopération et … - 2014
Policy reforms aimed at boosting long-run growth often have side effects – positive or negative – on an economy’s vulnerability to shocks and their propagation. Macroeconomic shocks as severe and protracted as those since 2007 warrant a reconsideration of the role growth-promoting policies...
Persistent link: https://www.econbiz.de/10011276723
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Does Money Matter in Shaping Domestic Business Cycles? An International Investigation (with appendices)
Canova, Fabio; Menz, Tobias - Barcelona Graduate School of Economics (Barcelona GSE) - 2010
We study the contribution of money to business cycle fluctuations in the US, the UK, Japan, and the Euro area using a small scale structural monetary business cycle model. Constrained likelihood-based estimates of the parameters are provided and time instabilities analyzed. Real balances are...
Persistent link: https://www.econbiz.de/10010547149
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Technology news and the U.S. economy: Time variation and structural changes
Berg, Tim Oliver - Volkswirtschaftliche Fakultät, … - 2011
This paper examines the time varying impact of technology news shocks on the U.S. economy during the Post-World War II era using a structural time varying parameter vector autoregressive (TVP-VAR) model. The identification restrictions are derived froma standard new Keynesian dynamic stochastic...
Persistent link: https://www.econbiz.de/10009386715
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Zur Rolle der Geldpolitik im Konjunkturzyklus: Eine empirische Analyse im Hinblick auf die Europaische Wahrungsunion.
Holstein, Michael - In: Journal of Economics and Statistics (Jahrbuecher fuer … 218 (1999) 3+4, pp. 346-360
geldpolitischen Fragen an die Europäische Zentralbank ab. Die Geldpolitik scheidet somit als Instrument der nationalen … kann die Vereinheitlichung der Geldpolitik zu negativen Auswirkungen auf die konjunkturelle Entwicklung der Mitgliedsländer … Konjunkturzusammenhang zwischen den vier europäischen G7-Ländern ist. Anschlißend wird der Einfluß der Geldpolitik auf die Entwicklung der …
Persistent link: https://www.econbiz.de/10008596463
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Credit and Business Cycles in Greece: Is there any relationship?
Karfakis, Costas - 2012
This paper examines the relationship between real credit and future movements in real output at business-cycle frequencies in Greece. Importantly, the evidence suggests that real credit is found to significantly affect real output, given the trade deficit ratio. This finding implies that the...
Persistent link: https://www.econbiz.de/10010729121