Search Results - subject:"time-varying-coefficient estimation"

Bretton-Woods systems, old and new, and the rotation of exchange-rate regimes

Hall, Stephen; Hondroyiannis, George; Swamy, P.A.V.B; … - Bank of Greece - 2010

A recent contribution to the literature argues that the present international monetary system in many ways operates like the Bretton-Woods system. Asia is the new periphery of the system and pursues an export-led development strategy based on undervalued exchange rates and accumulated foreign...

Persistent link: https://www.econbiz.de/10008642232

Bretton-Woods Systems, Old and New, and the Rotation of Exchange-Rates Regimes

Hall, Stephen; Hondroyiannis, George; Swamy, P.A.V.B.; … - Department of Economics, Leicester University - 2009

A recent contribution to the literature argues that the present international monetary system in many ways operates like the Bretton-Woods system. Asia is the new periphery of the system and pursues an export-led development strategy. The members of the new periphery peg their currencies to the...

Persistent link: https://www.econbiz.de/10008458595

Assessing the Casual Relationship between Euro-Area Money and Price in Time-Varying Environment

Hall, Stephen; Hondroyiannis, George; Swamy, P.A.V.B.; … - Department of Economics, Leicester University - 2009

The paper provides new evidence on the causal relationship between money and price for the euro area using quarterly data for the period 1980 to 2006, employing two alternative methods of estimation: the vector error correction (VEC) and time-varying coefficient (TVC) estimation techniques. The...

Persistent link: https://www.econbiz.de/10008458590

A Portfolio Balance Approach to Euro-Area Money Demand in a Time-Varying Environment

Hall, Stephen G; Hondroyiannis, George; Swamy, P.A.V.B.; … - Department of Economics, Leicester University - 2008

varying coefficient estimation; Euro area JEL classification: C20; E41 Acknowledgements: The views expressed are those of …-area wealth. Another conclusion is the usefulness of testing empirical specifications using both fixed-coefficient and time-varying … coefficient estimation methods. In those cases, such as in our specification of a portfolio-balance approach to money demand, in …

Persistent link: https://www.econbiz.de/10005561951

A Portofolio Balance Approach to Euro-Area Money Demand in a Time-Varying Environment

Hall, Stephen G.; Hondroyiannis, George; Swamy, P.A.V.B.; … - Bank of Greece - 2007

As part of its monetary policy strategy, the European Central Bank has formulated a reference value for M3 growth. A pre-requisite for the use of a reference value for M3 growth is the existence of a stable demand function for that aggregate. However, a large empirical literature has emerged...

Persistent link: https://www.econbiz.de/10005523520