The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central … contributions to research on monetary policy in the last two decades. Of course, if one allows for a direct effect of money on …

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central … contributions to research on monetary policy in the last two decades. Of course, if one allows for a direct effect of money on …

This paper presents a systematic empirical relationship between money and subsequent prices and output, using US, euro …

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 bonds in which, in addition to the classical wealth effect, also a …

money played a key role in setting monetary policy and in communicating the SNB's decisions to the public. Due to the …

criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross … the possibility of persistent central bank misperceptions. Such misperceptions motivate the search for policies that …

Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet …