Download or read book The Stability of German Money Demand written by Michael Scharnagl and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The stability of German money demand has been analyzed in a series of papers in recent years, especially since unification. In this paper the critical question of stability is reviewed, using various estimation techniques and testing procedures for long-run stability. To take financial innovations into account, the opportunity cost measure is calculated by differentiating between traditional savings deposits and special savings facilities, which are a major form of financial innovation in Germany. Overall, there are strong indications of a stable long-run money-demand relationship.
Download or read book Evaluating Conflicting Stability Results in German Money Demand Regression written by Bernhard Herz and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we have tried to find the central assumptions necessary to obtain stable money demand functions for the Federal Republic of Germany. We found the hypothesis about the seasonal process to be such a crucial assumption. Once changes in the seasonal pattern are accounted for, the conventional Goldfeld specification yields relatively good results concerning stability. More complex formulations of money demand using complicated lag structures, the theoretically dubious rate of inflation and foreign interest rates are not necessary to achieve stability. The instability of money demand as a consequence of a break in the seasonality of the income process is attributed to measurement errors, as quarterly income reflecting changes in seasonal production patterns does not properly take into account the seasonal structure of the volume of transactions. This conjecture also helps to explain the differing regression results based on alternative data transformations. Taken together, the evidence suggests to accept the old-fashioned Goldfeld specification in levels as not such a bad description of the long-run chracteristics of Germany's money demand. Inferences on the speed of adjustment derived from this equation should, however, not be trusted.
Download or read book The Stability of Narrow Money Demand in Germany and Aggregate Money Demand in the EMS written by Martin Falk and published by . This book was released on 1994 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Stability of Narrow Money Demand in Germany and Aggregate Demand in the EMS written by Martin Falk and published by . This book was released on 1994 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The stability of German money demand written by Gerd Hansen and published by . This book was released on 1994 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Currency Substitution and the Stability of the German Demand for Money Function Before and After the Fall of the Berlin Wall written by Gianna Boero and published by . This book was released on 1996 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Political Economy of Germany in the Twentieth Century written by Karl Hardach and published by Univ of California Press. This book was released on 2022-07-15 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1980.
Download or read book Investigating Stability and Linearity of a German M1 Money Demand Function written by Helmut Luetkepohl and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Starting from a linear error correction model the stability and linearity of a German M1 money demand function are investigated, applying smooth transition regression techniques. Using seasonally unadjusted data from 1961 (1) to 1990 (2) it is found that the money demand equation is both linear and stable. After extending the sampling period until 1994 (2) a clear structural instability due to the monetary unification 1 July 1990 is found and subsequently modelled.
Download or read book The Stability of the Demand for Money Function in Germany Myth Or Reality written by Michael Funke and published by . This book was released on 1995 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Destabilizing the Global Monetary System Germany s Adoption of the Gold Standard in the Early 1870s written by Mr.Johannes Wiegand and published by International Monetary Fund. This book was released on 2019-02-15 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1871-73, newly unified Germany adopted the gold standard, replacing the silver-based currencies that had been prevalent in most German states until then. The reform sparked a series of steps in other countries that ultimately ended global bimetallism, i.e., a near-universal fixed exchange rate system in which (mostly) France stabilized the exchange value between gold and silver currencies. As a result, silver currencies depreciated sharply, and severe deflation ensued in the gold block. Why did Germany switch to gold and set the train of destructive events in motion? Both a review of the contemporaneous debate and statistical evidence suggest that it acted preemptively: the Australian and Californian gold discoveries of around 1850 had greatly increased the global supply of gold. By the mid-1860s, gold threatened to crowd out silver money in France, which would have severed the link between gold and silver currencies. Without reform, Germany would thus have risked exclusion from the fixed exchange rate system that tied together the major industrial economies. Reform required French accommodation, however. Victory in the Franco-Prussian war of 1870/71 allowed Germany to force accommodation, but only until France settled the war indemnity and regained sovereignty in late 1873. In this situation, switching to gold was superior to adopting bimetallism, as it prevented France from derailing Germany’s reform ex-post.
Download or read book The Demand for Money During the German Hyperinflation written by Jean-Marie Dufour and published by Montréal : Dép. de science économique et Centre de recherche en développement économique, Université de Montréal. This book was released on 1982 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Stability of the Demand for Money Function in Germany written by and published by . This book was released on 1995 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Investigating Stability and Linearity of a German M1 Money Demand Function written by Helmut Lütkepohl and published by . This book was released on 1995 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Opting Out of the Great Inflation written by Andreas Beyer and published by . This book was released on 2009 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the Bundesbank provided the role model for the European Central Bank. Hence, we examine an episode of lasting importance in European monetary history. The purpose of this paper is to highlight how the Bundesbank monetary policy strategy contributed to this success. We analyze the strategy as it was conceived, communicated and refined by the Bundesbank itself. We propose a theoretical framework (following Söderström, 2005) where monetary targeting is interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation expectations. We derive an interest rate rule and show empirically that it approximates the way the Bundesbank conducted monetary policy over the period 1975-1998. We compare the Bundesbank's monetary policy rule with those of the FED and of the Bank of England. We find that the Bundesbank's policy reaction function was characterized by strong persistence of policy rates as well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response to the level of the output gap was not significant. In our empirical analysis we use real-time data, as available to policymakers at the time. -- Inflation ; Price Stability ; Monetary Policy ; Monetary Targeting ; Policy Rules.
Download or read book German Monetary Theory 1905 1933 written by Howard Sylvester Ellis and published by . This book was released on 1937 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Awarded the David A. Wells prize for the year 1929-30 and published from the income of the David A. Wells fund." Bibliography: p. [435]-452
Download or read book Capitalism Against Capitalism written by Michael Albert and published by John Wiley & Sons. This book was released on 2009-01-27 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: Communism has collapsed. Capitalism has rid itself of the competition on which it thrives. But though now victorious, capitalism has become a threat. The future of us all may be shaped by the outcome of the conflict between capitalism as victor and capitalism as threat. Not only in Europe, but also in the US and Japan - and no doubt shortly in the Eastern countries too - the great debate is capitalism versus capitalism. On the one hand is the "neo-American" model based on individual achievement and short-term profits. On the other is the Rhine model practices in Switzerland, Germany, Benelux, Northern Europe and, partly, in Japan. In the Rhine model collective achievement and public concensus are seen as the keys to long-term success. The first is more seductive, the second more effective. These two opposing forms of capitalism are engaged in a war which, like all internal conflicts, involves both secrecy and even hypocrisy. The outcome of this struggle could affect the quality of life on all levels of society. The author of this book aims to provide a synthesis which will force the reader to consider the political and economic issues at stake towards the end of the century.
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.
