Since Barnett derived the user cost price of money, the economic theory of monetary services aggregation has been developed and extended into a field of its own with solid foundations in microeconomic theory. Divisia monetary aggregates have repeatedly been shown to be strictly preferable to...

This study constructs and examines the dynamics of theoretical and atheoretical measures of global liquidity, using monthly data on the components of broad money over the period 2001 M12-2017 M12 for 39 high income countries. We group the countries into five regional blocks as categorized by the...

In response to the financial crisis of 2008, the Federal Reserve radically increased the monetary base. Banks responded by increasing excess reserves rather than increasing bank loans, and the public responded with a substantial flight to liquidity in the form of currency and demand deposits. As...

This paper examines the role of money supply in determining unemployment rate in Nigeria. We employ a nonlinear autoregressive distributed lag (NARDL) model to examine the pass-through effect of the growth in money supply into unemployment rate using time series data over the period 1985 - 2015....

We model the behaviour of banks as a main driver of the changing components of the money multiplier (MM). So we provide behavioural underpinnings for the supply and demand for inside and outside money. We illustrate how the creation of large outside money balances by central banks induces...

This paper examines the link between unemployment and monetary policy in Nigeria using a vector autoregressive (VAR) framework for the period 1983q1 - 2014q1. The paper investigates the effect of structural change by identifying three structural breakpoints and incorporating them into the VAR...

Although measuring monetary policy is a contentious issue in the literature, much less evidence on this issue is available for emerging economies. This paper aims to investigate the role of interest rate and money supply in measuring monetary policy in twelve emerging economies that target...

Anecdotal evidence shows that monetary expansion (excess liquidity) induces inflation in the West African Monetary Zone (Zone). Uncertainty about the nature of inflation persistence often undermines regional convergence due to the asymmetric responses from the monetary authorities. It is against...

This study re-investigates the money supply determination process for Japan. The methodology of this study, which differs from previous studies, is constructed on the assumption of potential nonlinear (asymmetric) relations between money supply and monetary base via money multiplier. To this...