Money Supply, Money Demand, and Macroeconomic Models
Author : John T. Boorman
Publisher : Harlan Davidson
Page : 540 pages
File Size : 24,94 MB
Release : 1972
Category : Business & Economics
ISBN :
Author : John T. Boorman
Publisher : Harlan Davidson
Page : 540 pages
File Size : 24,94 MB
Release : 1972
Category : Business & Economics
ISBN :
Author : Peter A. Tinsley
Publisher :
Page : 162 pages
File Size : 49,57 MB
Release : 1978
Category : Monetary policy
ISBN :
Author : Douglas Fisher
Publisher : University of Michigan Press
Page : 254 pages
File Size : 50,62 MB
Release : 1989
Category : Business & Economics
ISBN : 9780472101696
An analysis of the literature dealing with the demand for money
Author : Mr.Subramanian S. Sriram
Publisher : International Monetary Fund
Page : 78 pages
File Size : 45,8 MB
Release : 1999-05-01
Category : Business & Economics
ISBN : 1451848544
A stable money demand forms the cornerstone in formulating and conducting monetary policy. Consequently, numerous theoretical and empirical studies have been conducted in both industrial and developing countries to evaluate the determinants and the stability of the money demand function. This paper briefly reviews the theoretical work, tracing the contributions of several researchers beginning from the classical economists, and explains relevant empirical issues in modeling and estimating money demand functions. Notably, it summarizes the salient features of a number of recent studies that applied cointegration/error-correction models in the 1990s, and it features a bibliography to aid in research on demand for money.
Author : William Johnson Frazer
Publisher :
Page : 392 pages
File Size : 33,39 MB
Release : 1967
Category : Liquidity (Economics).
ISBN :
Author : Lars Jonung
Publisher : Routledge
Page : 259 pages
File Size : 44,78 MB
Release : 2018-02-06
Category : Business & Economics
ISBN : 135152299X
The income velocity of money-an inverse measure of the demand for money balances-is the ratio of the money value of income to the average money stock that the public (excluding banks) holds in a given period. Why the magnitude of that ratio has changed over time is the subject of Michael D. Bordo and Lars Jonung's classic study, originally published as The Long-Run Behavior of the Velocity of Circulation. Supported by statistical data, econometric estimation techniques, and meticulous historical analysis, this work describes, in an international setting, how slow-moving economic, social, and political forces interact with the decisions households and firms make about how much money to hold. Annual time series of velocity for several countries from the late nineteenth century to the late twentieth century display a U-shaped pattern. Existing theories can explain each section of the velocity curve-the falling, flat, and rising parts-but the overall pattern is not consistent with any one theory. Here the authors put forth a comprehensive explanation for this behavior over time. Their theory is largely an extension of the approach of Knut Wicksell, the Swedish economist who stressed the role of substitution between monetary assets. This approach, which emphasizes institutional variables, is incorporated into the arguments for the traditional long-run money demand (velocity) function. Four types of empirical evidence strongly support the authors' theory: econometric studies of the long-run velocity function for several countries; a cross section study of approximately eighty countries in the postwar period; a case study of the Swedish monetization process in the fifty years before World War I; and an examination of the time series properties of velocity. Demand for Money suggests that institutional factors, as opposed to real income, play a greater role in velocity than previously thought. And these institutional factors have a major impact on monetary policy. This is a book that will prove of great value to economists, monetary strategists, and policymakers.
Author : Mr.Helge Berger
Publisher : International Monetary Fund
Page : 52 pages
File Size : 20,36 MB
Release : 2012-01-01
Category : Business & Economics
ISBN : 1463930550
The natural interest rate is of great relevance to central banks, but it is difficult to measure. We show that in a standard microfounded monetary model, the natural interest rate co-moves with a transformation of the money demand that can be computed from actual data. The co-movement is of a considerable magnitude and independent of monetary policy. An optimizing central bank that does not observe the natural interest rate can take advantage of this co-movement by incorporating the transformed money demand, in addition to the observed output gap and inflation, into a simple but optimal interest rate rule. Combining the transformed money demand and the observed output gap provides the best information about the natural interest rate.
Author : Apostolos Serletis
Publisher : Springer Science & Business Media
Page : 305 pages
File Size : 24,48 MB
Release : 2013-11-21
Category : Business & Economics
ISBN : 1475733208
Almost half a century has elapsed since the demand for money began to attract widespread attention from economists and econometricians, and it has been a topic of ongoing controversy and research ever since. Interest in the topic stemmed from three principal sources. First of all, there was the matter of the internal dynamics of macroeco nomics, to which Harry Johnson drew attention in his 1971 Ely Lecture on "The Keynesian Revolution and the Monetarist Counter-Revolution," American Economic Review 61 (May 1971). The main lesson about money that had been drawn from the so-called "Keynesian Revolution" was - rightly or wrongly - that it didn't matter all that much. The inherited wisdom that undergraduates absorbed in the 1950s was that macroeconomics was above all about the determination of income and employment, that the critical factors here were saving and investment decisions, and that monetary factors, to the extent that they mattered at all, only had an influence on these all important variables through a rather narrow range of market interest rates. Conventional wisdom never goes unchallenged in economics, except where its creators manage to control access to graduate schools and the journals, and it is with no cynical intent that I confirm Johnson's suggestion that those of us who embarked on academic careers in the '60s found in this wisdom a ready-made target.
Author : Helmut Lütkepohl
Publisher : Springer Science & Business Media
Page : 266 pages
File Size : 50,97 MB
Release : 2013-04-17
Category : Business & Economics
ISBN : 3662125390
In 1999 a number of member states of the European Union will adopt a common currency. This change in the monetary system requires that a Eur opean Central Bank is set up and a common monetary policy is pursued. There is general agreement among those countries which are likely to join the common currency that price level stability has to be the ultimate objec tive of monetary po1icy. It is an open issue, however, what kind of policy is best suited for that purpose. The alternative strategies under discussion are a direct inflation targeting, an intermediate monetary targeting or a mixture of both. For these policy strategies a stable money demand relation is of cen tral importance. Therefore a workshop on Money Demand in Europe was organized at the Humboldt University in Berlin on October 10/11, 1997. This research conference brought together academic and central bank econo mists and econometricians predominantly from Europe to discuss issues on specification, estimation and, in particular, stability of money demand rela tions both in a single equation and in a systems framework. In this volume revised versions of the papers presented and discussed at the workshop are collected. The volume thereby gives an overview of money demand analysis in Europe on the eve of the introduction of the Euro in some European countries. It contributes to the discussion on a suitable monetary policy for the new European Central Bank.
Author : David E. W. Laidler
Publisher : HarperCollins Publishers
Page : 196 pages
File Size : 47,16 MB
Release : 1985
Category : Business & Economics
ISBN :