ambiguous effects w.r.t. to the impact of capital market risk as well as inflation risk, which is due to the interplay of … response to positive changes in inflation risk and capital market risk, respectively, with both effects lasting permanently. …In this article we derive a microfounded model of money demand under uncertainty built on intertemporally optimizing …

cointegration and including a ratchet variable in the estimated Autoregressive Distributed Lag (ARDL) model. Empirical results show … that factors such as exchange rate risks, expected exchange rate depreciation, exchange rate spread, inflation expectations …

endogenous money theory to be more precise in that regard. …

approach to address endogeneity. Consistent with economic theory, our estimates show a nonlinear demand function that exhibits …

with a switching intercept term. Of course, this likely leads to a rejection of cointegration by standard tests and to the …

inflationary pressures increase NIM. This strongly increases credit and thereby output, but it dampens inflation by relaxing price … setters' credit rationing constraint. At the ZLBD, monetary policy has far larger effects on output relative to inflation, and … suggests urgency in returning inflation to targets, avoidance of negative policy rates, and a strong influence of credit …

determine when and if a seigniorage-maximizing inflation rate occurred and this way provide a rational on the development of … that the seigniorage-maximizing rate of inflation of the Venezuelan economy occurred around the first quarter of 2016 at a … monthly inflation rate of approximately 13 percent. The implications of this are that when facing the choice of maximizing …

not separable in consumption and real balances, and trend inflation. An empirical study of U.S. data revealed that there … trend inflation. A further decline in the interest-elasticity of the demand for money was observed in the 1980s due to the … welfare cost of inflation that subsequently explains the rise in monetary neutrality observed in the data …