In this paper, we analyze the relation between interest rate targets and money supply in a (bubble-free) rational … expectations equilibrium of a standard cash-in-advance model. We examine lump-sum injections of money aimed to implement interest … general corresponds to money growth rates rising with inflation. When prices are not completely flexible, this implies that a …

analysis ; monetary policy ; money demand ; structural vector error correction model …

overall monetary policy strategy. In this respect, money demandmodels provide a framework for explaining monetary developments … are at the zero lower bound, the analysis of money stocks become even more importantfor monetary policy. Therefore, this … money balances, income, the long term interest rate and the own rate of M3holdings. The specification appears to be robust …

policy was satisfied. -- cointegration analysis ; monetary policy ; Markov regime switching analysis ; money demand ; vector …

This paper examines how money demand induced real balance effects contribute to the determination of the price level …-of-period money enters the utility function. Real money can then serve as a state variable, implying that interest rate setting must … be passive for unique, stable, and non-oscillatory equilibrium sequences. When end-ofperiod money provides utility, an …

DSGE model. Considering SVAR models in which either the interest rate is predetermined for money or these two monetary … estimated monetary policy rule is strongly sensitive to the identification scheme. This suggests that the way money is …

modified to account for observed money growth and inflation trends, and that monetary trends may serve as a useful cross … persistent errors in monetary policy and sustained trends in money growth and inflation. If interest rate prescriptions derived … from Keynesian-style models are augmented with a cross-check against money-based estimates of trend inflation, inflation …

funds. A special focus of the analysis is the estimation of money demand functions for different monetary aggregates. The … variables and opportunity costs. Furthermore, the analysis also delivers preliminary results of the information content of money …