The relative impacts of the monetised and non‐monetised deficit on output and inflation in the United States are assessed using annual data for the 1923‐1982 period. With Federal Reserve purchases of government debt serving as a measure of monetisation, the results of Granger causality tests...

Summary Understanding the factors determining overnight rates is crucial both for central bankers and private market participants, since, assuming the validity of the expectation theory of the term structure of interest rates, expectations with regard to this “monadic” maturity should...

Summary The economic works of Johann Heinrich von Thuenen include 1,000 unpublished pages of drafts and notes on the basis of which he prepared the second volume of his famous “Isolated State in Relation to Agriculture and Political Economy”. It’s bulk was not made accessible until today....

Purpose – The purpose of this paper is to empirically investigate the money demand function for five Southeast Asian countries, viz. Malaysia, Thailand, Singapore, the Philippines, and Indonesia. Design/methodology/approach – The ARDL modeling approach is employed because of its ability to...

Purpose – This paper aims to investigate the presence of currency substitution in eight African countries. Design/methodology/approach – This study investigates the presence of currency substitution in eight African countries – Egypt, Morocco, Nigeria, Ghana, Kenya, South Africa, Tunisia...

Purpose – The purpose of this paper is to simulate the indirect and direct effects of remittances in developing countries. Design/methodology/approach – The paper estimates a dynamic macroeconomic model and estimates the short‐run and long‐run dynamic multiplier effects of hypothetical...

Applies an error‐correction model to demand for money in five African economies: Congo, Côte d′Ivoire, Mauritius, Morocco and Tunisia. Attention is given to a set of opportunity cost variables including expected inflation, domestic interest rate, foreign interest rate and expected...

According to the New Monetary Economics (NME), the introduction of on‐tangible payments media would altogether invalidate current monetary economics. After an illustration of the main tenets of the NME, critically analyses its rejection of both the quantity theory and liquidity preference on...

The objective of this study is to propose an economic model of the nominal money balances and reserves in the Turkish economy during the period 1960‐1988. As most of the variables show unit root non‐stationarity, an approach based on the error correction system (Phillips, 1991) is adopted....