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Building upon the insight that M1 velocity is the permanent component of nominal interest rates - see Benati (2020) - I propose a novel, and straightforward approach to estimating the natural rate of interest, which is conceptually related to Cochrane's (1994) proposal to estimate the permanent...
Persistent link: https://www.econbiz.de/10012520193
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Perspektive, während sie die Rolle der Europäischen Zentralbank aus geldpolitischer Sicht betrachten. Auch Fragen der …
Persistent link: https://www.econbiz.de/10011629130
Europäischen Zentralbank -- Währungstheoretische Grundlagen -- Geldpolitik bei globalen Finanzmärkten -- Europäische Währungsunion …Funktionen des Finanzsektors -- Finanzsystem und Finanzierung -- Zentralbanken und Europäische Zentralbank … Geldpolitik -- Geldwertstabilität als Ziel der Geldpolitik -- Geldpolitische Instrumente -- Regelbindung in der Geldpolitik …
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Since World War I, M1 velocity has been, to a close approximation, the permanent component of the short-term nominal rate. This logically implies that, under monetary regimes which cause inflation to be I(0), permanent fluctuations in M1 velocity uniquely reflect, to a close approximation,...
Persistent link: https://www.econbiz.de/10011824315
Building upon the insight that M1 velocity is the permanent component of nominal interest rates - see Benati (2020) - I propose a novel, and straightforward approach to estimating the natural rate of interest, which is conceptually related to Cochrane's (1994a) proposal to estimate the permanent...
Persistent link: https://www.econbiz.de/10013362282
We argue that Gibson's paradox has nothing to do with the Gold Standard per se, and it rather originates from low-frequency variation in the natural rate of interest under certain types of monetary regimes that make inflation I(0) and (approximately) zero-mean. Although the Gold Standard is the...
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