Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin’s influence on macroeconomic theory is so pervasive - so much part of our professional ‘acquis’ - that...

This paper provides an overview of inflation developments in Vietnam in the years following the doi moi reforms, and uses empirical analysis to answer two key questions: (i) what are the key drivers of inflation in Vietnam, and what role does monetary policy play? and (ii) why has inflation in...

Using Japanese money market data, this paper compares the predictive ability of the log–log specification with infinite elasticity at a zero interest rate and the semilog specification with a one time switch from moderate to relatively high semielasticity at annual interest rates less than...

The study is dedicated to the search of the factors affecting monetary demand in Russia, and the analysis of the achieved stability level in monetary demand. The analysis of the monetary demand in Russia is made with the help of dynamic least-squares method, allowing to obtain statistically...

An economy is in a liquidity trap when monetary policy cannot influence either real or nominal variables of interest. A necessary condition for this is that the short nominal interest rate is constrained by its lower bound, typically zero. The paper considers two small analytical models, one...

This paper experimentally investigates whether money illusion generates substantial nominal inertia. Building on the design of Fehr and Tyran (2001), we find no evidence that agents choose high nominal payoffs over high real payoffs. However, participants do select prices associated with high...

Traditional microeconomic approaches to money demand issues are considered in the article. The author also discusses current view of monetary theory on concept of “money”. New approach gives reasoning to existence of variety of payment innovations.

Traditional microeconomic approaches to demand for money problem are considered in the article. It also discusses current view of monetary theory on concept of “money”. New approach gives reasoning to existence of variety of payment innovations. It provides theoretical base for inclusion of...

The author proposes models that allow assessing the money demand in Russia, taking into consideration the growing development of electronic payments. The equation considered in the article can be used to build predictive models of inflation.

The article deals with monetary disequilibrium in the theory of endogenous money. In new consensus economics, monetary disequilibrium is not considered whereas money is endogenous and passive. In post-Keynesian economics, there is an explicit discussion about reconciliation of money demand and...