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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/10009635956

The Great Depression and the Friedman-Schwartz hypothesis

Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2004

monetary base rule which responds only to the money demand shocks in the model. We solve the model with this counterfactual …

Persistent link: https://www.econbiz.de/10009636549

Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous

Barnett, William A. - 2003

We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European Monetary Union (EMU). We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the...

Persistent link: https://www.econbiz.de/10009635917

Bond market inflation expectations and longer-term trends in broad monetary growth and inflation in industrial countries, 1880 - 2001

Dewald, William G. - 2003

u0093Bond Market Inflation Expectation and Longer-term Trends in Broad Monetary Growth and Inflation in Industrial Countries, 1880-2001u0094 by William G. Dewald, Professor of Economics Emeritus, Ohio State University and Former Director of Research, Federal Reserve Bank of St. Louis. Annual...

Persistent link: https://www.econbiz.de/10009635923

The real effects of money growth in dynamic general equilibrium

Graham, Liam; Snower, Dennis J. - 2004

We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between … staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the …

Persistent link: https://www.econbiz.de/10009639472

Global policy at the zero lower bound in a large-scale DSGE model

Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo; … - 2010

The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...

Persistent link: https://www.econbiz.de/10009640286

The impact of monetary policy shocks on commodity prices

Anzuini, Alessio; Lombardi, Marco J.; Pagano, Patrizio - 2010

Global monetary conditions have often been cited as a driving factor of commodity prices. This paper investigates the empirical relationship between US monetary policy and commodity prices by means of a standard VAR system, commonly used in analysing the effects of monetary policy shocks. The...

Persistent link: https://www.econbiz.de/10009640308

Gauging the effectiveness of quantitative forward guidance

Andersson, Magnus; Hofmann, Boris - 2009

This paper conducts a comparative analysis of the performances of the forward guidance strategies adopted by the Reserve Bank of New Zealand, the Norges Bank and the Riksbank, with the aim to gauge whether forward guidance via publication of an own interest rate path enhances a central bank’s...

Persistent link: https://www.econbiz.de/10009640489

Relevant economic issues concerning the optimal rate of inflation

Rodriguez-Palenzuela, Diego; Camba-Mendez, Gonzalo; … - 2003

This paper reviews the key economic issues concerning the welfare costs of inflation and deflation, with a view to shedding light on the desirable properties of the inflation process. Our review of the evidence on the overall costs of inflation and deflation indicates that such costs could be...

Persistent link: https://www.econbiz.de/10009635897

A monthly monetary model with banking intermediation for the euro area

Bruggeman, Annick; Donnay, Marie - 2003

This monthly monetary model for the euro area is gradually constructed from its two constituting components: a money …-term market interest rate. Eventually, the encompassing monetary model allows for interactions between money and loans induced by … 2001 results in a money demand equation which corroborates the existing evidence. To stabilise the loan demand equation …

Persistent link: https://www.econbiz.de/10009635913