Mit dem Übergang zu einer gemeinsamen Währung in Europa stellt sich die Frage, ob die Europäische Zentralbank eine Politik der Geldmengensteuerung betreiben kann. Dies erfordert die Existenz einer stabilen Geldnachfragefunktion na¤ch dem Übergang zu einer Europäischen Währungsunion. In...

Extending the approach of Bernanke and Blinder (1992), Strongin (1992), and Christiano, Eichenbaum, and Evans (1994a, 1994b), we develop and apply a VAR-based methodology for measuring the stance of monetary policy. More specifically, we develop a "semi-structural" VAR approach, which extracts...

Friedman and Schwartz (1982) and Goodhart (1982) report a zero correlation between money growth and output growth in U.K. historical data. This finding is puzzling, as there is wide agreement that changes in monetary policy are frequently nonneutral in the short run and that the U.K. experience,...