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UK Money Demand 1873-2001: A Cointegrated VAR Analysis with Additive Data Corrections
Nielsen, Heino Bohn - Økonomisk Institut, Københavns Universitet - 2004
This paper performs a system cointegration analysis of UK money demand based on real money, real income, the … opportunity cost of holding money, and inflation for the period 1873 - 2001. As a novelty we account for the effect of the world … link from excess money to inflation. The long-run structures are reasonably stable, although the information in the data is …
Persistent link: https://www.econbiz.de/10005749704
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Money and prices in the Polish economy. Seasonal cointegration approach
Kotlowski, Jacek - Zakład Ekonometrii Stosowanej, Szkoła Główna … - 2005
prices (long-run cointegration relationship), which follows the assumptions of the P-star inflation model. The results also … during the transition period. The study makes use of the monetary inflation model known as the P-star model, originally … cointegration, developed by Hylleberg, Engle, Granger and You in the beginning of 90-ties. The main hypothesis has been verified …
Persistent link: https://www.econbiz.de/10005113470
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A nonlinear investigation of the twin deficits hypothesis over the business cycle: Evidence from Turkey
Çatık, Abdurrahman Nazif; Gök, Barış; Akseki, Utku - In: Economic Systems 39 (2015) 1, pp. 181-196
In this paper, we analyze the twin deficits hypothesis covering the period from 1994 to 2012 in Turkey. In contrast to previous studies on Turkey, the existence of twin deficits is investigated by regime-dependent impulse response functions and forecast error variance decompositions based on a...
Persistent link: https://www.econbiz.de/10011263214
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Inflation in China Increasingly Driven by Domestic Factors
Dreger, Christian; Zhang, Yanqun - In: National Institute Economic Review 223 (2013) 1, pp. 35-35
The article investigates the determinants of consumer price inflation in China. While inflation has been entirely …
Persistent link: https://www.econbiz.de/10010684620
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Three Revolutions in Macroeconomics: Their Nature and Influence
Laidler, David - University of Western Ontario, Economic Policy Research … - 2013
Harry Johnson’s 1971 ideas about the factors affecting the success of the Keynesian Revolution and the Monetarist Counter-revolution are summarised and extended to the analysis of the Rational Expectations - New Classical (RE-NC) Revolution. It is then argued that, whereas Monetarism brought...
Persistent link: https://www.econbiz.de/10010835365
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Implementation of monetary overhang/shortfall measure for indication of inflation risks (the approach of the European Central Bank)
Arlt, Josef; Guba, Milan; Radkovský, Štěpán - In: Politická ekonomie 2004 (2004) 2
The ECB concept of analysis of deviation of actual money stock development from its long run equilibrium development is based on the assumption that bigger deviation signalizes risks for the price stability. The ECB considers three measures of this deviation: nominal money gap, real money gap...
Persistent link: https://www.econbiz.de/10004963566
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Efectos de los cambios de la política monetaria en las dinámicas del tipo de cambio, el dinero y los precios en México (1945-2000)
Díaz, Garcés; Guillermo, Daniel - In: El Trimestre Económico LXXV (3) (2008) 299, pp. 683-713
equation, and inflation was driven mainly by the money gap. After a striking changeover, from 1983 until 2000 the demand for … currency took a very different form, and inflation was determined by the markup without an explicit effect from money. However …
Persistent link: https://www.econbiz.de/10005009905
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On Empirical Implications of Highly Interest-Elastic Money Demand : A Note
Nakashima, Kiyotaka; Saito, Makoto - In: Hitotsubashi Journal of Economics 50 (2009) 1, pp. 29-34
Based on a standard model of money demand, this paper first shows that a relationship between money supply and prices may be substantially weakened when money demand is highly interest-elastic, and then presents empirical evidence for this implication using the Japanese money market data for the...
Persistent link: https://www.econbiz.de/10009206496
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Money Demand and Inflation: A Cointegration Analysis for Canada
Lubello, Federico - Volkswirtschaftliche Fakultät, … - 2011
appropriate lag order and test for cointegration by means of the Bartlett corrected trace test. I estimate the long-run money … and check the stability of the resulting cointegration relationships. …
Persistent link: https://www.econbiz.de/10011113103
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Changing monetary transmission mechanisms within the EU
Juselius, Katarina - In: Empirical Economics 23 (1998) 3, pp. 455-481
The paper presents a comparative analysis of monetary transmission mechanisms and changes in them after the "second ERM" in March 1983. The empirical model investigates the determination of money, income, prices, and interest rates in Germany, Denmark, and Italy based on the cointegrated VAR...
Persistent link: https://www.econbiz.de/10005758307