prices that is consistent with the price specie flow mechanism. Changes in reserves were positively related to the money … supply and changes in the money supply had a lagged positive effect on changes in the level of consumer prices. …This paper explores how international capital movements affected the domestic money supply. This requires that the …

whether money growth Granger-causes output growth in the United States. We find surprisingly strong evidence for a money … Great moderation, the Granger-causal role of money appears to have vanished completely. …

ability of money-based forecasts relative to a simple random walk benchmark model was high at medium-term forecasting horizons …

substantially expands the traditional vector error correction approach, to analyze the short run impact of money on prices. We …While the long run relation between money and inflation is well established, empirical evidence on the adjustment to … contribute to the literature in three ways: First, we distinguish changes in velocity of money that are due to institutional …

implications of our model for monetary economics. When a central bank increases the money supply, it must inject the money … somewhere in the economy. We demonstrate that the agent closest to the location where money is injected is better off, and the …. Symmetrically, any decrease in the money supply redistributes purchasing power in the other direction. We also outline the testable …