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The Price Revolution in the 16th Century: Empirical Results from a Structural Vectorautoregression Model

Bernholz, Peter; Kugler, Peter - 2007

This paper provides empirical evidence in favor of the hypothesis that the secular price increase in the 16th century is mainly caused by money supply developments as the discovery of new mines in Latin America. First we review price developments for several European countries over the 16th...

Persistent link: https://www.econbiz.de/10011390624

Federal Reserve Policy viewed through a Money Supply Loss

Chowdhury, Ibrahim; Schabert, Andreas - 2008

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

Stability issues in German money multiplier forecasts

Polster, Rainer; Gottschling, Andreas - 1999

This paper investigates the stability of the German money supply focusing on the period 1991 - 1998. It is shown that the standard ARIMA-Transfer model approach in the literature needs to be augmented by a cointegration term to adequately model the dynamics of money supply in Germany. Additional...

Persistent link: https://www.econbiz.de/10010301745

Interpreting the great moderation: Changes in the volatility of economic activity at the macro and micro levels

Davis, Steven J.; Kahn, James A. - 2008

We review evidence on the Great Moderation together with evidence about volatility trends at the micro level to develop … a potential explanation for the decline in aggregate volatility since the 1980s and its consequences. The key elements … are declines in firm-level volatility and aggregate volatility-most dramatically in the durable goods sector-but with no …

Persistent link: https://www.econbiz.de/10010283570

Exchange and Interest Rates prior to EMU: The Case of Greece

Antzoulatos, Angelos A.; Wilfling, Bernd - 2003

Recently a variety of exchange and interest rate models capturing the dynamics during the transition from an exchange rate arrangement of floating rates into a currency union have been derived. While these stochastic equilibrium models in continous time are theoretically rigorous, a systematic...

Persistent link: https://www.econbiz.de/10010295377

Brokers and business cycles: Does financial market volatility cause real fluctuations?

Döpke, Jörg; Pierdzioch, Christian - 1998

This paper elaborates on the link between financial market volatility and real economic activity. Using monthly data … the future stance of the business cycle and on the volatility of industrial production. The results of our empirical … investigation lead us to reject the hypothesis that financial market volatility causes the cycle or real volatility. …

Persistent link: https://www.econbiz.de/10010275423

The economic consequences of a Tobin tax: An experimental analysis

Hanke, Michael; Huber, Jürgen; Kirchler, Michael; … - 2007

exist. Concerning the controversial issues we find that (i) volatility effects depend on the existence of tax havens and on …

Persistent link: https://www.econbiz.de/10010293390

Government size and business cycle volatility: How important are credit constraints?

Leibrecht, Markus; Scharler, Johann - 2012

In this paper we analyze how the availability of credit influences the relationship between government size as a proxy for fiscal stabilization policy and the amplitude of business cycle fluctuations in a sample of advanced OECD countries. Interpreting relatively low loan-tovalue ratios as an...

Persistent link: https://www.econbiz.de/10010294478

Forecasting volatility and volume in the Tokyo stock market: Long memory, fractality and regime switching

Lux, Thomas; Kaizoji, Taisei - 2006

We investigate the predictability of both volatility and volume for a large sample of Japanese stocks. The particular … practically always improves upon the na?ve forecast provided by historical volatility. As a somewhat surprising result, we also …

Persistent link: https://www.econbiz.de/10010294979

Forecasting volatility and volume in the Tokyo stock market: The advantage of long memory models

Lux, Thomas; Kaizoji, Taisei - 2004

Persistent link: https://www.econbiz.de/10010295136

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