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Issues in stability of European money demand : adjustment speed versus error variance
Läufer, Nikolaus - 1997
The current discussion about stability of the European money demand function is flawed by a confusion of two different … concepts of stability (adjustment speed versus error variance). The meaning and importance of the underlying notions of … stability is clarified. It is demonstrated that necessary and sufficient conditions for the two types of stability are mutually …
Persistent link: https://www.econbiz.de/10009755225
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Issues in stability of European money demand: Adjustment speed versus error variance
Läufer, Nikolaus K. A. - Fachbereich Wirtschaftswissenschaften, Universität Konstanz - 1997
The current discussion about stability of the European money demand function is flawed by a confusion of two different … concepts of stability (adjustment speed versus error variance). The meaning and importance of the underlying notions of … stability is clarified. It is demonstrated that necessary and sufficient conditions for the two types of stability are mutually …
Persistent link: https://www.econbiz.de/10010986243
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Estimating a European demand for money
Hayo, Bernd - 1998
European Monetary Union will come into existence in 1999. This raises questions related to the monetary policy targets that will be adopted by the European Central Bank (ECB). For both likely candidates, targeting a money aggregate or an inflation target, the existence of a stable money demand...
Persistent link: https://www.econbiz.de/10010301138
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Estimating a European demand for money
Hayo, Bernd - 1998
European Monetary Union will come into existence in 1999. This raises questions related to the monetary policy targets that will be adopted by the European Central Bank (ECB). For both likely candidates, targeting a money aggregate or an inflation target, the existence of a stable money demand...
Persistent link: https://www.econbiz.de/10010515712
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Estimating a European Demand for Money
Hayo, Bernd - EconWPA - 1998
European Monetary Union will come into existence in 1999. This raises questions related to the monetary policy targets that will be adopted by the European Central Bank (ECB). For both likely candidates, targeting a money aggregate or an inflation target, the existence of a stable money demand...
Persistent link: https://www.econbiz.de/10005412709
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Estimating a European demand for money
Hayo, Bernd - Zentrum für Europäische Integrationsforschung (ZEI), … - 1998
European Monetary Union will come into existence in 1999. This raises questions related to the monetary policy targets that will be adopted by the European Central Bank (ECB). For both likely candidates, targeting a money aggregate or an inflation target, the existence of a stable money demand...
Persistent link: https://www.econbiz.de/10008564973
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Free Banking as a Monetary Gauge
Dennis, Eric - 2014
Selgin's Theorem -- that a free banking system operating on a fixed supply of commodity reserves acts to stabilize total nominal spending per year -- provides an analytical bridge between this alternative regime and conventional monetary theory. For a system of competing banks subject to...
Persistent link: https://www.econbiz.de/10013051647
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Euro area money demand and international portfolio allocation: a contribution to assessing risks to price stability
De Santis, Roberto A.; Favero, Carlo A.; Roffia, Barbara - 2008
The long-run relationship between money and prices in the euro area embedded in traditional money demand models with income and interest rates broke down after 2001. We develop a money demand model where investors hold a diversified portfolio with money, domestic and foreign stocks and long-term...
Persistent link: https://www.econbiz.de/10011604972
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Does Money Matter for the Identification of Monetary Policy Shocks : A DSGE Perspective
Poilly, Céline - 2010
This paper investigates how the identification assumptions of monetary policy shocks modify the inference in a standard DSGE model. Considering SVAR models in which either the interest rate is predetermined for money or these two monetary variables are simultaneously determined, two DSGE models...
Persistent link: https://www.econbiz.de/10013137337
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Demand for Financial Assets and Monetary Policy : A Restatement of the Liquidity Preference Theory and the Speculative Demand for Money
Rezende, Felipe - 2015
Keynes implicitly used the concept of duration to analyze the impacts of expected changes in the price of a perpetual bond and coupon payments that led to his “square rule.” Keynes's result (“square rule”), derived from the breakeven condition, was just a simplification to illustrate the...
Persistent link: https://www.econbiz.de/10013014332