Narrow search
Showing 1 - 10 of 3,101
Cover Image
Sectoral money demand and the great disinflation in the US
Calza, Alessandro; Zaghini, Andrea - 2010
Estimates of the welfare costs of inflation based on Bailey (1956) are typically computed using aggregate money demand models. Yet, the behavior of money demand may vary across sectors. Thus, the impact on welfare of in.action regime shifts may differ between households and firms. We...
Persistent link: https://www.econbiz.de/10003983675
Cover Image
Welfare costs of inflation and the circulation of US currency abroad
Calza, Alessandro; Zaghini, Andrea - 2011
Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet, official data on M1 includes all currency issued, regardless of the country of residence of the holder. Using monetary data adjusted for US dollars abroad, we show that the...
Persistent link: https://www.econbiz.de/10009006654
Cover Image
Welfare Costs of Inflation and the Circulation of US Currency Abroad
Calza, Alessandro - 2015
Empirical studies of the shoe-leather costs of inflation are typically computed using M1 as a measure of money. Yet, official data on M1 includes all currency issued, regardless of the country of residence of the holder. Using adjusted monetary data, we show that the failure to control for...
Persistent link: https://www.econbiz.de/10013037484
Cover Image
Welfare Costs of Inflation and the Circulation of US Currency Abroad
Calza, Alessandro - 2011
Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet, official data on M1 includes all currency issued, regardless of the country of residence of the holder. Using monetary data adjusted for US dollars abroad, we show that the...
Persistent link: https://www.econbiz.de/10013127698
Cover Image
Sectoral Money Demand and the Great Disinflation in the US
Calza, Alessandro; Zaghini, Andrea - 2021
Estimates of the welfare costs of inflation based on Bailey (1956) are typically computed using aggregate money demand models. Yet, the behavior of money demand may vary across sectors. Thus, the impact on welfare of inflation regime shifts may differ between households and firms. We...
Persistent link: https://www.econbiz.de/10013316204
Cover Image
Does a Cointegrating M2 Demand Relation Really Exist in the United States?
Miyao, Ryuzo - 1998
This paper reexamines evidence on M2 demand cointegration in the postwar United States. Equilibrium relations between M …:4 based on three different testing methods. For earlier subsamples, mixed results are obtained suggesting both cointegration … and no cointegration. For the full sample, however, virtually no evidence supports cointegration. Accordingly, a M2 error …
Persistent link: https://www.econbiz.de/10014108634
Cover Image
Inflation as a function of labor force change rate: cointegration test for the USA
Kitov, Ivan; Kitov, Oleg; Dolinskaya, Svetlana - Volkswirtschaftliche Fakultät, … - 2007
) and has a perfect parsimony - only one predictor. The relationship is tested for cointegration. Both variables are … methods of cointegration testing are applied - the Engle-Granger one based on the unit root test of the residuals including a … variety of specification tests and the Johansen cointegration rank test based on the VAR representation. Both approaches …
Persistent link: https://www.econbiz.de/10005836346
Cover Image
Testing the New Keynesian Model on U.S. and Euro Area Data
Juselius, Mikael - 2008
I apply the Johansen and Swensen (1999, 2004) method of testing exact rational expectations within the cointegrated VAR (Vector Auto-Regressive) model, to testing the New Keynesian (NK) model. This method permits the testing of rational expectation systems, while allowing for non-stationary...
Persistent link: https://www.econbiz.de/10010295280
Cover Image
Testing the New Keynesian Model on U.S. and Euro Area Data
Juselius, Mikael - In: Economics: The Open-Access, Open-Assessment E-Journal 2 (2008) 2008-24, pp. 1-26
I apply the Johansen and Swensen (1999, 2004) method of testing exact rational expectations within the cointegrated VAR (Vector Auto-Regressive) model, to testing the New Keynesian (NK) model. This method permits the testing of rational expectation systems, while allowing for non-stationary...
Persistent link: https://www.econbiz.de/10010295321
Cover Image
The dynamic effects of shocks to wages and prices in the United States and the euro area
Duarte, Rita Netto de Miranda; Marques, Carlos Robalo - 2009
This paper investigates the dynamics of aggregate wages and prices in the United States (US) and the Euro Area (EA) with a special focus on persistence of real wages, wage and price inflation. The analysis is conducted within a structural vector errorcorrection model, where the structural shocks...
Persistent link: https://www.econbiz.de/10003867061