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This paper juxtaposes the policy trend towards price stability with the theoretical optimal quantity of money. After …
Persistent link: https://www.econbiz.de/10005574870
") other subjects' money. Those who burn the money of others have to give up some of their own cash. Despite this cost, and …' money holdings. We vary experimentally the amount that subjects have to pay to reduce other people's cash. The implied price …
Persistent link: https://www.econbiz.de/10005583019
In the first section the authors discuss the nature of cyclical features and the distinction between the traditional analysis of co-movement discussed in the business cycles literature and the more recent common cycles analysis. Section 2 examines the nature of the data used in the estimation...
Persistent link: https://www.econbiz.de/10005587675
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How do changes in the quality of money affect price dispersion or more generally the equilibrium distribution of prices …? We relax the storage technology for fiat money in a prototypical search model to answer this question. …
Persistent link: https://www.econbiz.de/10005560343
In this paper, we consider the determinacy of equilibrium prices, interest rate and income in an economy with liquidity …, under some conditions, rational expectations equilibria exist in which prices and quantities exhibit repetitive and …
Persistent link: https://www.econbiz.de/10005634010
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Sargent and Wallace (1981) have shown by an example, termed "spectacular", that a lowering of the growth rate of money …
Persistent link: https://www.econbiz.de/10005669606
On 6 June a audience of 450 drawn from small firms organisations, banks, trade associations and other communication multipliers attended "Enterprises 2002" to reflect on the practical impact for enterprises of the end of the transition period on 31 December 2001. This conference had been...
Persistent link: https://www.econbiz.de/10005780666
What kind of information do stock prices offer for predicting velocity? This paper develops previous work by Milton … nominal income to a broad definition of money in a panel of 25 countries. …
Persistent link: https://www.econbiz.de/10005780692