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Money and payments: a modern perspective
Holthausen, Cornelia; Monnet, Cyril - 2003
The role of money in society has been a controversial topic in economic theory over many years. Particular attention … has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left … today we have competition between issuers of money, namely in the international context, with electronic money, and in large …
Persistent link: https://www.econbiz.de/10011604291
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Do monetary indicators lead euro area inflation?
Hofmann, Boris - 2008
ability of money-based forecasts relative to a simple random walk benchmark model was high at medium-term forecasting horizons …
Persistent link: https://www.econbiz.de/10011604913
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Quantitative goals for monetary policy
Fatás, Antonio; Mihov, Ilian; Rose, Andrew K. - 2006
. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation …
Persistent link: https://www.econbiz.de/10011604661
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Who gets jobs matters: Monetary policy and the labour market in HANK and SAM
Herman, Uroš; Lozej, Matija - 2023
This paper first provides empirical evidence that labour market outcomes for the less educated, who also tend to be poorer, are substantially more volatile than labour market outcomes for the well-educated, who tend to be richer. We estimate job finding rates and separation rates by educational...
Persistent link: https://www.econbiz.de/10014543658
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The quantity theory of money, 1870-2020
Jung, Alexander - 2024
This study re-assesses the validity of the quantity theory of money (QTM) for the very long sample, 1870 to 2020, for … cointegration tests show that the long-run relationship between excess money growth and inflation holds if longer runs of data are … predicted by Milton Friedman. For the full sample, the average speed of adjustment from excess money growth to inflation in …
Persistent link: https://www.econbiz.de/10014565196
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Monetary policy transmission to mortgages in a negative interest rate environment
Amzallag, Adrien; Calza, Alessandro; Georgarakos, Dimitris - 2019
Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge...
Persistent link: https://www.econbiz.de/10012142087
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Uncertainty shocks, monetary policy and long-term interest rates
Amisano, Gianni; Tristani, Oreste - 2019
We study the relationship between monetary policy and long-term rates in a structural, general equilibrium model estimated on both macro and yields data from the United States. Regime shifts in the conditional variance of productivity shocks, or "uncertainty shocks", are an important model...
Persistent link: https://www.econbiz.de/10012142123
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Monetary policy shocks and the health of banks
Jung, Alexander; Uhlig, Harald - 2019
Based on high frequency identification and other econometric tools, we find that monetary policy shocks had a significant impact on the health of euro area banks. Information effects, which made the private sector more pessimistic about future prospects of the economy and the profitability of...
Persistent link: https://www.econbiz.de/10012142147
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Modelling yields at the lower bound through regime shifts
Hördahl, Peter; Tristani, Oreste - 2019
We propose a regime-switching approach to deal with the lower bound on nominal interest rates in dynamic term structure modelling. In the "lower bound regime", the short term rate is expected to remain constant at levels close to the effective lower bound; in the "normal regime", the short rate...
Persistent link: https://www.econbiz.de/10012142164