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The role of monetary aggregates in the policy analysis of the Swiss National Bank

Kirchgässner, Gebhard; Wolters, Jürgen - 2010

quantity of money and or excess money can be used to forecast inflation. After a preliminary data analysis, money demand …. Using recursive estimates, indicator properties of monetary aggregates for inflation are assessed for the period from 2000 … the one for M2 is strongly influenced by these three observations. While in both cases forecasts for 2010 show inflation …

Persistent link: https://www.econbiz.de/10003936693

Real balance effects, timing and equilibrium determination

Stoltenberg, Christian (contributor) - 2006

This paper examines whether the existence and the timing of real balance effects contribute to the determination of the absolute price level, as suggested by Patinkin (1949,1965), and if they affect conditions for local equilibrium uniqueness and stability. I show that there exists a unique...

Persistent link: https://www.econbiz.de/10003402201

Financial Liberalization and Demand for Money : A Case of Pakistan

Khan, Rana Ejaz Ali - 2011

Literature in economics has identified many channels through which the financial liberalization may affect demand for money. There are evidences of stability as well as instability of demand for money due to financial development for developing economies. The objective of the current study is to...

Persistent link: https://www.econbiz.de/10013117738

On Stability of the Demand for Money in a Developing OECD Country : The Case of Turkey

Ugur, Mehmet - 2012

inflation targeting. To ascertain whether this policy framework satisfies the necessary condition for effectiveness, we estimate …

Persistent link: https://www.econbiz.de/10013104307

The Demand for Currency in Germany

Krueger, Malte - 2008

In Germany. Like in most other developed countries, per capita holdings of bank-notes are far higher than pure transaction-balances. One possible explanation is that DM-bills, like US$-bills, are circulating in large quantities abroad. However, according to estimates presented by the Bundesbank,...

Persistent link: https://www.econbiz.de/10012724624

Cash Use Across Countries and the Demand for Central Bank Digital Currency

Khiaonarong, Tanai - 2019

The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card-not better. Demand for digital currency will thus be weak...

Persistent link: https://www.econbiz.de/10012889147

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

The Micro-Foundations of an Open Economy Money Demand : An Application to the Central and Eastern European Countries

Albulescu, Claudiu Tiberiu - 2020

This paper investigates and compares the effect of currency substitution between the currencies of Central and Eastern European (CEE) countries and the euro on CEE money demand functions. In addition, we develop a model with microeconomic foundations, which identifies the difference between...

Persistent link: https://www.econbiz.de/10012852253

China's Monetary Policy and Interest Rate Liberalization : Lessons from International Experiences

Liao, Wei - 2014

China has been moving to a more market oriented financial system, which has implications for the monetary policy environment. The paper investigates the stability of the money demand function (MDF) in light of progress in financial sector reforms that, for example, have resulted in significant...

Persistent link: https://www.econbiz.de/10013053041

Actuarial Characterisation of the Aggregate Money Demand and the Monetary Equilibrium

Mierzejewski, Fernando - 2014

An actuarial theoretical setting is presented to characterise the money demand and the monetary equilibrium. Two main hypotheses are stated that contradict assumptions normally sustained in empirical investigations of the money demand: national output is assumed to be a random variable, and...

Persistent link: https://www.econbiz.de/10013046418