We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect to the specific steps taken as well as the general methodology employed. Empirical studies of the QTM have focused directly on the relationship between the rate of change of the...

The Bitcoin Market Potential Index conceptualizes and ranks the potential utility of bitcoin across 178 countries to show where the cryptocurrency has the greatest relative potential for adoption. The index utilizes a data set with 40 variables from the following areas: technology penetration,...

The globalization of the economic activity is profoundly changing long established concepts, customs and ways of doing business all around the globe. One of those concepts is the currency. The globalization and the Internet, really two facets of the same phenomenon, people hugely removed in...

During 1930s and 1940s Josef Macek developed monetary theory leading to monetary policy recommendations which are deeply influenced by macroeconomic theory of John Maynard Keynes. Macek became leading Czech left-wing keynesian. His theory of money was nominalist and similarly to J. M. Keynes and...

El propósito de este artículo es mostrar que, en contra de lo que muchos analistas preveían hace pocos años, las finanzas públicas en Colombia obtuvieron un beneficio significativo del proceso reciente de reducción de la inflación. El menor ritmo de crecimiento de los precios estimuló la...

The purpose of this paper is to answer the question of whether the switching to the Inflation Targeting (IT) regime is necessary for the Egyptian case or not? Our judgment of applying IT regime in the Egyptian economy is established on doubled criterion. That is, the practical experience of the...

In this article we argue that the balance sheet of a central bank contains valuable information for the quality of a currency. As an illustration we analyze the balance sheet of the Federal Reserve System (FED) during the subprime crisis between June 2007 and December 2008. Until September 2008...

Any decision is eventually the product of a procedure which requires assembling a multitude of primary information, passed through reiterative processes both of organisation and of analysis. The procedures also regard “pushing” these transformed/processed towards preparatory levels only to...

This paper examines the effect of monetary policy uncertainty on the relationship between inflation and its conditional variance. Uncertainty in monetary policy, defined as persistence in the shocks to the growth rate of money, produces real uncertainty in the economy which contributes to...

This paper introduces the reader into the apparatus behind the popular New Keynesian Phillips (NKPC) curve. It derives several log-linear versions of this curve and recursive formulations of the Calvo-Yun price staggeringmodel that is behind this curve. These formulations can be used for...