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. Ist die Geldmenge als Steuerungsinstrument der Geldpolitik obsolet geworden? Auf welchem geldpolitischem Konzept sollte …
Persistent link: https://www.econbiz.de/10010303527
. Ist die Geldmenge als Steuerungsinstrument der Geldpolitik obsolet geworden? Auf welchem geldpolitischem Konzept sollte …
Persistent link: https://www.econbiz.de/10010303557
. Ist die Geldmenge als Steuerungsinstrument der Geldpolitik obsolet geworden? Auf welchem geldpolitischem Konzept sollte …
Persistent link: https://www.econbiz.de/10010303572
A series of crises and emergency interest rate cuts has brought global interest rates towards zero and government debt to historical records. The paper discusses the exit options from unconventional monetary policies and unsustainable government debt. First, the paper sheds light on the...
Persistent link: https://www.econbiz.de/10010303778
In this paper, we analyze the relation between interest rate targets and money supply in a (bubble-free) rational expectations equilibrium of a standard cash-in-advance model. We examine lump-sum injections of money aimed to implement interest rate sequences that satisfy interest rate target...
Persistent link: https://www.econbiz.de/10010325239
The stability of the demand for real Ml in Indonesia is empirically examinedusing quarterly data between 1981 and 2002. A cointegrated VAR methodology thatisolates the period of structural breaks in the data generating process of the variables,caused by the Asian crisis, is used. The results...
Persistent link: https://www.econbiz.de/10010325601
This paper examines equilibrium determination under different monetary policy regimes when the government might default on its debt. We apply a cash-in-advance model where the government does not have access to non-distortionary taxation and does not account for initial outstanding debt when it...
Persistent link: https://www.econbiz.de/10010325802
Federal Reserve nonborrowed reserve supply systematically responded to changes in inflation and in the output gap over the period 1969-2000. While the feedback from output gap is always negative, the response of money supply to changes in inflation varies considerably across time. Nonborrowed...
Persistent link: https://www.econbiz.de/10010325981
konzentriert sich erstmals auf die Bundesrepublik Deutschland, deren Immobilienmarkt von einer moderaten Preisentwicklung …
Persistent link: https://www.econbiz.de/10010327318
We investigated, empirically, why Japanese banks held excess reserves in the late 1990s. Specifically, we pin down two factors explaining the demand for excess reserves: a low short-term interest rate, or call rate, and the fragile financial health of banks. The virtually zero call rate...
Persistent link: https://www.econbiz.de/10010332441