Though most economists agree that monetary policy has significant effects on the real sector in the short run, interest-rate elasticities of macroeconomic aggregates in general are found to be low. Recently, the credit channel has been discussed as an additional channel through which monetary...

Keynesian theory suggests that a reduction in government expenditure has a negative effect on private demand and therefore on output. Contrary, neoclassical theory argues that reduced public expenditure makes room for an expansion of the private sector and thus has a stimulating effect on the...

Die Vereinbarkeit von negativem Geldmengenwachstum mit Hyperinflation In seinem Aufsatz kommt Gersbach (1993) zu dem Ergebnis, daß Hyperinflation mit negativem Geldmengenwachstum vereinbar sei. Im Gegensatz hierzu wird in unserem Kommentar gezeigt, daß nur akzelerierendes Geldmengenwachstum zu...

The paper assesses the stability and predictive performance of a European money demand function as compared to national money demand functions. Two different groups of countries for a monetary union are considered. With respect to the explanatory accuracy, the national functions perform better...

Proponents of an aggregation theoretic approach to money demand argue that simple-sum measures do not capture the theoretical notion of money. This is especially true for broad monetary aggregates, which include components held for savings motives that are only imperfect substitutes for...