This paper tests for the presence of a credit channel (particularly a bank-lending sub-channel) for monetary policy in the housing market. We argue that the importance of this channel for investment in residential housing is highly dependent on the structural features, and particularly the...

We use the ten years of experience in inflation-targeting in New Zealand since 1989 to test whether monetary policy appears to conform to the simple rules that have been recommended for it in the literature. Of the inflation targeting central banks, the Reserve Bank of New Zealand has both the...

This essay offers an analysis of actual German and Swiss monetary policy that explains this gap between operation and performance. It shows that neither country's central bank can be called a monetary targeter, according to a strict, formal definition of targeting, and it argues that the...

A fundamentals based monetary policy rule, which would be optimal when private agents have perfectly rational expectations, is unstable if in fact these agents follow standard adaptive learning rules. This problem can be overcome if private expectations are observed and suitably incorporated...

The empirical methodology developed by King and Watson (1992) is employed to test for a vertical long-run Phillips curve amnong the EU countries, using quarterly data spanning the last thirty years.

We analyse the prospects for greater monetary integration in Africa, in the wake of EMU. We argue that the structural characteristics of African economies are quite different to the EMU members but that much can be gained from monetary cooperation, as external agency of restraint and in...

The purpose of this paper is to study the link between an important development in the physical sciences, the discovery of the law of entropy, and its impact on the evolution of heterodox monetary theory early this century. Based on the recognition that, unlike the physical world, the monetary...

The object of this paper is to show that, historically, both economists and policy makers have generally subscribed to variants of what can be generically described as the Wicksllian norm of price level stablization which necessarily assumes a certain degree of endogeneity of the money supply.

This paper starts with a brief description of the situation before the establishment of the European Monetary Union (EMU), i.e., the problems of the European Monetary Systems (EMS) which was established in 1979 and which was in need of repair. The paper then deals with the various possibilities...