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Argentina; in particular, forecasts that allow evaluation of alternative economic scenarios, with a 5-quarter horizon and of …This paper aims at producing forecasts of monetary aggregates which are useful in formulating monetary policy in … that exhibit acceptable goodness-of-fit, and evidence of stable parameters. In-sample forecasts do not display errors …
Persistent link: https://www.econbiz.de/10010849642
An error correction model (ECM) is used to study the properties of money demand and to evaluate the appropriate monetary policy in PNG. The study confirms that the determinants of money demand are real GDP, nominal interest and inflation rate. The income elasticity of money demand is very low....
Persistent link: https://www.econbiz.de/10012964634
European Monetary Union will come into existence in 1999. This raises questions related to the monetary policy targets that will be adopted by the European Central Bank (ECB). For both likely candidates, targeting a money aggregate or an inflation target, the existence of a stable money demand...
Persistent link: https://www.econbiz.de/10010515712
We shed light on the demand for a central bank digital currency (CBDC) as a means of payment, based on survey payment data. We provide a quantitative framework to assess transactional demand for CBDC at the point of sale, accommodating a wide range of design choices. We develop a structural...
Persistent link: https://www.econbiz.de/10014526662
between professional economists' forecasts of the growth rate of money supply, the inflation rate, the growth rate of real …' forecasts for fourteen Asian-Pacific and Central and South-Eastern European countries, we find that the correlations between … professional economists' forecasts are broadly consistent with the money demand function implied by the macroeconomic model. …
Persistent link: https://www.econbiz.de/10010567109
. The core contention is that economic uncertainty improves both forecast accuracy as well as direction-of-change forecasts …. Direction-of-change forecasts are assessed by means of the Kuipers Score and the Pesaran-Timmermann test. The results indicate …
Persistent link: https://www.econbiz.de/10011713871
We shed light on the demand for a central bank digital currency (CBDC) as a means of payment, based on survey payment data. We provide a quantitative framework to assess transactional demand for CBDC at the point of sale, accommodating a wide range of design choices. We develop a structural...
Persistent link: https://www.econbiz.de/10014543681
. The core contention is that economic uncertainty improves both forecast accuracy as well as direction-of-change forecasts …. Direction-of-change forecasts are assessed by means of the Kuipers Score and the Pesaran-Timmermann test. The results indicate …
Persistent link: https://www.econbiz.de/10011985265
Persistent link: https://www.econbiz.de/10000684217
The creation of European Monetary Union (EMU) poses a number of difficult problems for the European Central Bank (ECB). One of the major problems is related to the uncertainty about economic relationships within the euro area. The monetary strategy of the ECB is based on two pillars, one is the...
Persistent link: https://www.econbiz.de/10014185337