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An evolutionary model of the bank size distribution is presented based on the exchange and expansion of deposit money … theory is to regard the creation of money as a slow process compared to exchange processes of deposit money. The exchange of …
Persistent link: https://www.econbiz.de/10010956102
Persistent link: https://www.econbiz.de/10005812596
on the idea that the size distribution is the result of the competition between banks for permanent deposit money. The …An evolutionary model of the bank size distribution is presented based on the exchange and creation of deposit money …
Persistent link: https://www.econbiz.de/10010981405
Persistent link: https://www.econbiz.de/10005661191
a process of artificially expanded money supply which necessarily leads to the general increase in the price level … (inflation) that erodes the purchasing power of people’s money. …
Persistent link: https://www.econbiz.de/10010965589
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. The case against including money in the central banks interest rate rule is based on a standard … decades. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect …
Persistent link: https://www.econbiz.de/10010986372
modified to account for observed money growth and inflation trends, and that monetary trends may serve as a useful cross … persistent errors in monetary policy and sustained trends in money growth and inflation. If interest rate prescriptions derived … from Keynesian-style models are augmented with a cross-check against money-based estimates of trend inflation, inflation …
Persistent link: https://www.econbiz.de/10010986449
This paper studies optimal monetary and fiscal policies in an economy à la Lucas and Stokey (1983) and Lagos and Wright (2005) with multiple cash and credit goods. We show that optimal policies are in general time inconsistent due to insufficient number of instruments to influence future...
Persistent link: https://www.econbiz.de/10010987090
“mine” regarding money, finances and consumption are blurred in couples categorized as IM. The blurring of boundaries …
Persistent link: https://www.econbiz.de/10010987851
that price stickiness is a poor justification for advocating a flexible money supply through the issuing of fiduciary media … under central or free banking. They view the contraction in output following an exogenous increase in money demand as an … optimal response, worry about redistribution effects from the issuance of fiduciary media, and claim a changing money supply …
Persistent link: https://www.econbiz.de/10010987932