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supply are found to have stronger output effects and weaker price effects when output growth is initially low. Positive and …
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Modern mainstream macroeconomics treats the economy “as if” always in equilibrium. Two older traditions, Monetarism and the Wicksell Connections have always dissented, arguing that how agents gather information and apply it to the co-ordination of their activities are prior problems...
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We study the relation between holdings of monetary assets and government securities in the Euro area. We estimate time-varying elasticities of substitution between monetary assets using the semi-nonparametric method of Gallant (1981). The empirical elasticities are then tested for structural...
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identifies oil price shocks through fundamentals affecting the oil market. Impulse responses show the significance of our two … signiÖcant effect of money supply shocks on real oil prices. Decomposition of historical oil price shocks shows a significant … role played by inflation expectations and the money supply shocks during major oil shock episodes. These shocks partially …
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