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In face of changes in the demand for money, ¿what is the proper response by the central bank?
Zelmanovitz, Leonidas - In: REVISTA CRITERIO LIBRE (2010)
DINERO, ¿CUÁL ES LA RESPUESTA APROPIADA DEL BANCO CENTRAL?Este papel considera la pregunta: "Ante los cambios en la … demandadel dinero como resultado de un aumento de riesgo por los agentes económicos, ¿cuáles son las acciones apropiadas que … monetario con un monopolio Estatal del suministro de dinero, la respuesta es moneda legal forzada versus la alternativa de …
Persistent link: https://www.econbiz.de/10008788586
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Evidencia de que no es necesario ajustar por riesgo al estimar el costo de uso del dinero
Restrepo-Tobón, Diego A. - In: Ecos de economía 19 (2015) 41, pp. 49-70
Persistent link: https://www.econbiz.de/10011582338
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Money in monetary policy design under uncertainty: A formal characterization of ECB-style cross-checking
Beck, Günter W.; Wieland, Volker - 2006
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 bank's interest rate rule is based on a standard model of the monetary transmission process that underlies...
Persistent link: https://www.econbiz.de/10010298367
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Central bank misperceptions and the role of money in interest rate rules
Beck, Günter W.; Wieland, Volker - 2008
Research with Keynesian-style models has emphasized the importance of the output gap for policies aimed at controlling inflation while declaring monetary aggregates largely irrelevant. Critics, however, have argued that these models need to be modified to account for observed money growth and...
Persistent link: https://www.econbiz.de/10010298408
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Heterogeneity in money holdings across euro area countries: The role of housing
Setzer, Ralph; van den Noord, Paul; Wolff, Guntram B. - 2010
In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show...
Persistent link: https://www.econbiz.de/10010300298
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Money in monetary policy design: Monetary cross-checking in the New-Keynesian Model
Beck, Guenter W.; Wieland, Volker - 2009
In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary aggregates as long as certain standard assumptions on the distributions of unobservables are satisfied. The model has been criticized for failing to explain common trends in...
Persistent link: https://www.econbiz.de/10010303717
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Three revolutions in macroeconomics: Their nature and influence
Laidler, David - 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/10011390725
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Heterogeneity in money holdings across euro area countries: The role of housing
Setzer, Ralph; van den Noord, Paul; Wolff, Guntram B. - 2010
In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show...
Persistent link: https://www.econbiz.de/10010327312
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Money and payments: a modern perspective
Holthausen, Cornelia; Monnet, Cyril - 2003
The role of money in society has been a controversial topic in economic theory over many years. Particular attention has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left to a governmental agency. This paper reviews the...
Persistent link: https://www.econbiz.de/10011604291
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Forecasting real GDP: what role for narrow money?
Seitz, Franz; Brand, Claus; Reimers, Hans-Eggert - 2003
Persistent link: https://www.econbiz.de/10011604300