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Long Run Effects of Money on Real Consumption and Investment in the U.S.
Shelley, Gary L.; Wallace, Frederick H. - EconWPA - 2004
consumption and investment expenditures, as well as their broadly defined components, are examined. We also test for effects of … money on long run reallocations of consumption expenditures among durables, nondurables, and services. The time series …
Persistent link: https://www.econbiz.de/10005412854
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China's March to Prosperity: Reforms to Avoid the Middle-income Trap
Koen, Vincent; Herd, Richard; Hill, Sam - Economics Department, Organisation de Coopération et … - 2013
China is well-placed to avoid the so-called “middle-income trap” and to continue to converge towards the more advanced economies, even though growth is likely to slow from near double-digit rates in the first decade of this millennium to around 7% at the 2020 horizon. However, in order to...
Persistent link: https://www.econbiz.de/10011277005
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An Augmented UK Private Expenditure Function
Martin, Bill - ESRC Centre for Business Research - 2009
This paper re-examines the UK private sector expenditure function invented in the 1970s by the 'New Cambridge' School of economists led by Wynne Godley. Evidence is found that helps to justify the New Cambridge focus on a private sector aggregate. More problematic is the School's basic axiom...
Persistent link: https://www.econbiz.de/10010614657
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A Model for National Income Determination in Taiwan
Chow, Gregory C. - Griswold Center for Economic Policy Studies, Department … - 2011
Following Chow (1985 and 2010) and using annual data from 1951 to 2010 for Taiwan this paper estimates a consumption … function based on the permanent income hypothesis and an investment function based on the accelerations principle. The data … the two economies have different consumption functions is given. …
Persistent link: https://www.econbiz.de/10010720771
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Stock Market Volatility, Consumption and Investment; An Evaluation of the Uncertainty Hypothesis Using Post-War U.S. Data
Raunig, Burkhard; Scharler, Johann - Oesterreichische Nationalbank - 2011
adverse effects on the growth rates of investment and durable consumption, whereas the in uence on non-durable consumption …We estimate the effects of stock market volatility on the growth rates of durable consumption, non-durable consumption …
Persistent link: https://www.econbiz.de/10009022076
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The impacts of monetary policy on consumption and investment: empirical evidence from selected countries in Southeast Asia
Zakaria, Zukarnain - In: Philippine Review of Economics 44 (2007) 2, pp. 85-97
variables, investment and consumption have been analysed and compared based on the magnitude and the speed of adjustment. The … variable used in the analysis. Monetary policy was found more effective in influencing investment in the Philippines compared … with Malaysia and Thailand, and the impacts are smallest in Indonesia. For consumption, the impacts are stronger in …
Persistent link: https://www.econbiz.de/10008677455
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A theory of the non-neutrality of money with banking frictions and bank recapitalization
Zeng, Zhixiong - Volkswirtschaftliche Fakultät, … - 2010
Policy actions by the Federal Reserve during the recent financial crisis often involve recapitalization of banks. This paper offers a theory of the non-neutrality of money for policy actions taking the form of injecting capital into banks via nominal transfers, in an environment where banking...
Persistent link: https://www.econbiz.de/10008534530
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Liquidity Preference Theory Revisited—To Ditch or to Build on It?
Bibow, Joerg - EconWPA - 2005
This paper revisits Keynes’s liquidity preference theory as it evolved from the Treatise on Money to The General Theory and after, with a view of assessing the theory’s ongoing relevance and applicability to issues of both monetary theory and policy. Contrary to the neoclassical “special...
Persistent link: https://www.econbiz.de/10005126066
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Endogenous Money, Non-neutrality and Interest-sensitivity in the Theory of Long Period Unemployment
Docherty, Peter - Finance Discipline Group, Business School - 2006
This paper investigates the role played by endogenous money in models with interest-sensitive expenditures. In particular, it examines the impact of endogenous money on a baseline neoclassical model arguing against the frequently asserted claim that traditional neoclassical macroeconomics is...
Persistent link: https://www.econbiz.de/10005073706
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On model ambiguity and money neutrality
Lioui, Abraham; Poncet, Patrice - In: Journal of Macroeconomics 34 (2012) 4, pp. 1020-1033
consumption and capital accumulation, and its effect may be quantitatively substantial; (iv) the preference for model robustness …
Persistent link: https://www.econbiz.de/10010595235