Download or read book Money Demand and Monetary Policy written by Douglas Fisher and published by University of Michigan Press. This book was released on 1989 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the literature dealing with the demand for money

Download or read book Money Supply Money Demand and Macroeconomic Models written by John T. Boorman and published by Harlan Davidson. This book was released on 1972 with total page 540 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Money As Indicator for the Natural Rate of Interest written by Mr.Helge Berger and published by International Monetary Fund. This book was released on 2012-01-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Current Issues in Monetary Policy in the United States and Japan written by Elias C. Grivoyannis and published by Praeger. This book was released on 1991-02-28 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the econometric properties of the demand for money function as it affects monetary policy. Particular emphasis is placed throughout on the general properties of conventional and alternative demand for money specifications and on the predictability of that demand over time. The author tests proposed explanations for the recent abnormal behavior of U.S. money demand by using a new data set--the Japanese data base--for the first time, offering important new insights into the general properties of money demand functions.

Download or read book Monetary Theory and Policy written by Carl E. Walsh and published by MIT Press. This book was released on 2003 with total page 636 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of recent theoretical and policy-related developments in monetary economics.

Download or read book Money Demand in Europe written by Helmut Lütkepohl and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Money Demand and Regional Monetary Policy in the West African Economic and Monetary Union written by Mr.Philipp C. Rother and published by International Monetary Fund. This book was released on 1998-04-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regional monetary integration, financial liberalization, and the adoption of indirect policy instruments have changed the conditions for monetary policy in the West African Economic and Monetary Union (WAEMU). The stability of money demand has become a crucial element for monetary policy. This paper presents empirical money demand estimations for regional monetary aggregates and analyzes their stability and forecast performance. The estimations result in a stable relationship for narrow money (M1). Consequently, the region’;s central bank, the BCEAO, can continue to conduct monetary policy in line with the fixed exchange rate system if it succeeds in maintaining financial stability.

Download or read book Survey of Literature on Demand for Money written by Mr.Subramanian S. Sriram and published by International Monetary Fund. This book was released on 1999-05-01 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Current Issues in Monetary Economics written by Taradas Bandyopadhyay and published by Rowman & Littlefield. This book was released on 1990 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together leading academics and researchers to make a timely contribution to our understanding of the key issues in the fast-developing field of monetary economics. It offers a thoroughly comprehensive and up-to-date treatment of major areas such as money supply and demand, interest rate determination, international transmission of inflation, public debt, stabilization of the economy, the rational expectations hypothesis and the relationship between money and economic development. The book will be essential reading for all undergraduate and graduate students of monetary economics and macroeconomic theory. Contents: Preface; Contributors; Introduction: Taradas Bandyopadhyay and Subrata Ghatak; Money demand and supply, M.J. Artis and M.K. Lewis; Money market operations of the Bank of England and the determination of interest rates, David T. Llewellyn; Real interest rates and the role of expectations, Kajal Lahiri and Mark Zaporowski; Public sector deficits and the money supply, P.M. Jackson; The international transmission of inflation, George Zis; A critique of monetary theories of the balance of payments; nihil ex nihilo, M.H.L. Burstein; A framework for the analysis of two-tier exchange markets with incomplete segmentation, Jagdeep S. Bhandari and Bernard Decaluwe; Rational expectations and monetary policy, Patrick Minford; Monetary policy and credibility, Paul Levine; Disinflation and wage-price controls, David A. Wilton; Monetary growth models: The role of money demand functions, Taradas Bandyopadhyay and Subrata Ghatak; Index.

Download or read book Broad Money Demand and Monetary Policy in Tunisia written by Mr.Volker Treichel and published by International Monetary Fund. This book was released on 1997-03-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The development of empirical foundations to the conduct of monetary policy in Tunisia is the central concern of this paper. Finding stable money demand functions, it broadly corroborates the choice of monetary aggregates as intermediate targets of monetary policy by the Tunisian Central Bank. It finds, however, a lower income elasticity than the one currently applied by the Central Bank and proposes a different methodology for defining monetary growth targets. The paper also finds that both interest rates and reserve money are feasible operating targets and suggests that the Central Bank orients its monetary policy more towards transparent operating targets.

Download or read book The Impact of Banking Crises on Money Demand and Price Stability written by Maria Soledad Martinez Peria and published by World Bank Publications. This book was released on 2000 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policymakers in countries undergoing banking crises should not worry about the structural stability of money demand functions; the behavior of money demand during crises can be modeled by the same function used during periods of tranquility. But policymakers should be aware that in some instances crises can give rise to variance instability in the price or inflation equations.

Download or read book The Demand for Money in Developing Countries written by and published by World Bank Publications. This book was released on 1991 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Monetary Theory and Policy The Effects of Money in an Economy written by Inna Baier and published by GRIN Verlag. This book was released on 2015-01-30 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2013 in the subject Economics - Monetary theory and policy, grade: 1,8, Justus-Liebig-University Giessen, language: English, abstract: This Paper aims to explain the effects of money in an economy. The beginning of the Paper analyses the money supply, the money demand and which variables determinate it or how they influence them. Further the paper analyses how the money stock could be used by the central bank and the government as monetary instrument to invent into economy. At certain stages endnotes will refer to the interest rate theory and try to answer, how strong it influences the money amount.

Download or read book Demand for Money written by Lars Jonung and published by Routledge. This book was released on 2018-02-06 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The Demand for Money written by Apostolos Serletis and published by Springer Science & Business Media. This book was released on 2013-11-21 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Monetary Policy Rules written by John B. Taylor and published by University of Chicago Press. This book was released on 2007-12-01 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.

Download or read book Money Demand in Europe written by Christian Müller and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first of January 1999 marked the beginning of a macroeconomic experi ment without precedent in modern history. For the first time eleven European countries agreed to abolish their local currencies in favour of a single one, the Euro. Not surprisingly, the necessary preparatory process has been accompa nied by an intensive discussion about the best way to manage the new Euro currency properly. To spur on that discourse was the principal motivation for this thesis. The introductory chapter attempts to bridge economic and econometric views on money demand analysis. It should help to motivate estimation proce dures and to standardize interpretation techniques, hopefully initiating further discussion in that direction. It intends to make the following chapters more accessible. In this thesis I approach the general subject in two principle ways. In chapter 3 I consider technical issues dealing with time series with shifts in the mean. Two years ago, Helmut Liitkepohl and Pentti Saikkonen asked me to join in on a related project which became the cornerstone of this chapter. I have very much appreciated the highly instructive collaboration with both these scholars.