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The quantity theory of money and Friedmanian monetary policy : an empirical investigation

Hillinger, Claude; Süssmuth, Bernd; Sunder, Marco - 2012

; monetarism ; quantity theory …We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect … the QTM holds for low inflation as well as for high inflation. We discuss how our findings relate to monetarism generally …

Persistent link: https://www.econbiz.de/10009508095

Friedman's Monetary Economics in Practice

Nelson, Edward - 2011

This paper views the policy response to the recent financial crisis from the perspective of Milton Friedman's monetary economics. Five major aspects of the policy response are: 1) discount window lending has been provided broadly to the financial system, at rates low relative to the market rates...

Persistent link: https://www.econbiz.de/10013124914

Reassessing the thesis of the monetary history

Laidler, David E. W. - 2013

The economic crisis that began in 2007 and still lingers has invited comparison with the Great Depression of the 1930s. It has also generated renewed interest in Milton Friedman and Anna Schwartz's explanation of the latter as mainly the consequence of the Fed's failure as a lender of last...

Persistent link: https://www.econbiz.de/10010191681

Monetary policy with imperfect signals : the target problem in a new monetarist approach

Draack, Hannes - 2018

The target problem considers the central bank's use of optimal tools and targets for purposes of stabilization and welfare optimization. In this study, this question is answered anew in a microfounded approach. By adding imperfect information to the model of [Berentsen and Waller, 2011], a...

Persistent link: https://www.econbiz.de/10011900176

Monetary facts or monetarist facts? : a re-examination

Khan, Muhammad Azam; Rashid, Salim - In: Journal of central banking theory and practice 14 (2025) 1, pp. 183-214

The Quantity Theory of Money claims to provide one of the few long-run guides to economic policy by providing specific … numbers to characterise the correlation between money growth and inflation. Acceptance of the Quantity Theory has been greatly … Theory can be corroborated by 'a theoretical' examination of the data. We reexamine this empirical claim in two ways. First …

Persistent link: https://www.econbiz.de/10015376957

Targeting inflation with a prominent role for money

Söderström, Ulf - 2001 - This version: June 2001

This paper demonstrates how a target for money growth can be beneficial for an inflation targeting central bank acting under discretion. Because the growth rate of money is closely related to the change in the interest rate and he growth of real output, delegating a money growth target to the...

Persistent link: https://www.econbiz.de/10011583901

Money Market Impacts of Alternative Operating Procedures

Tinsley, Peter A.; Von zur Mühlen, Peter; Fries, Gerhard; … - 2022

This paper, written for a Federal Reserve Staff Review of Monetary Control Procedures, explores the short-run volatility consequences of money stock targeting procedures under current (1981) alternative operating procedures. Conclusions include: the odds are at least two to one that a portion of...

Persistent link: https://www.econbiz.de/10013403845

Discretionary policy, multiple equilibria, and monetary instruments

Schabert, Andreas - 2005

This paper examines monetary policy implementation in a sticky price model. The central bank's plan under discretionary optimization is entirely forward-looking and exhibits multiple equilibrium solutions if transactions frictions are not negligibly small. The central bank can then implement...

Persistent link: https://www.econbiz.de/10011346465

Federal reserve policy viewed through a money supply loss

Chowdhury, Ibrahim; Schabert, Andreas - 2008

Federal Reserve nonborrowed reserve supply systematically responded to changes in inflation and in the output gap over the period 1969-2000. While the feedback from output gap is always negative, the response of money supply to changes in inflation varies considerably across time. Nonborrowed...

Persistent link: https://www.econbiz.de/10011374418

Discretionary Policy, Multiple Equilibria, and Monetary Instruments

Schabert, Andreas - 2021

Persistent link: https://www.econbiz.de/10013318267