Narrow search
Showing 1 - 10 of 280
Cover Image
Inflation Stabilization, Fiscal Deficits and Public Debt Management in Poland
van Wijnbergen, Sweder; Budina, Nina - 1999
Poland edged towards hyperinflation towards the latter half of 1989,but inflation fell dramatically after drastic reformswere enacted in January of 1990. We analyse the consistency betweenfiscal deficits and inflation targets and assessPoland's domestic and foreign debt management policies and...
Persistent link: https://www.econbiz.de/10010324428
Cover Image
Stability of the Demand for Real Narrow Money in lndonesia
Anglingkusumo, Reza - 2005
The stability of the demand for real Ml in Indonesia is empirically examinedusing quarterly data between 1981 and 2002 …
Persistent link: https://www.econbiz.de/10010325601
Cover Image
Banks, Money, and the Zero Lower Bound on Deposit Rates
Kumhof, Michael; Wang, Xuan - 2020
We develop a New Keynesian model where all payments between agents require bank deposits through deposits-in-advance constraints, bank deposits are created through disbursement of bank loans, and banks face a convex lending cost. At the zero lower bound on deposit rates (ZLBD), changes in policy...
Persistent link: https://www.econbiz.de/10012427150
Cover Image
Spurious Regression, Cointegration, and Near Cointegration: A Unifying Approach
Haldrup, Niels; Jansson, Michael - 1999
cointegration are provided. As a first application, we give analyticalcorroboration of the conjecture that the finite sample … coefficient. Hence, the notionof near cointegration helps to bridge the gap between the polar cases ofspurious regression and … cointegration. Secondly, we characterize theproperties of conventional cointegration methods under near cointegration …
Persistent link: https://www.econbiz.de/10010324535
Cover Image
Optimal Hedging with the Vector Autoregressive Model
Gatarek, Lukasz; Johansen, Søren - 2014
with general cointegration rank. Our hedge is optimal in the sense of minimum variance portfolio. We consider a model that … correlation and cointegration parameters. For short holding periods the correlation impact is predominant. For long horizons, the … hedge ratio should overweight the cointegration parameters rather then short-run correlation information. In the innite …
Persistent link: https://www.econbiz.de/10010377246
Cover Image
A Cointegration Analysis of Agricultural, Energy and Bio-Fuel Spot and Futures Prices
Allen, David E.; Chang, Chia-Lin; McAleer, Michael; … - 2016
This paper features an analysis of the cointegration relationships among agricultural commodity, ethanol and Cushing … cointegration and Markov-switching VECM and Impulse Response Analysis, confirms that these markets have significant linkages which …
Persistent link: https://www.econbiz.de/10011526115
Cover Image
On the Welfare Cost of Inflation and the Recent Behavior of Money Demand
Ireland, Peter - National Bureau of Economic Research (NBER) - 2008
Post-1980 U.S. data trace out a stable long-run money demand relationship of Cagan's semi-log form between the M1-income ratio and the nominal interest rate, with an interest semi-elasticity below 2. Integrating under this money demand curve yields estimates of the welfare costs of modest...
Persistent link: https://www.econbiz.de/10005828669
Cover Image
The Common Development of Institutional Change as Measured by Income Velocity: A Century of Evidence from Industrialized Countries
Bordo, Michael David; Jonung, Lars; Siklos, Pierre - National Bureau of Economic Research (NBER) - 1993
Previous evidence, most recently by Bordo and Jonung (1990) and Silclos (1988b, 1991), has shown on a country-by-country basis that proxies for institutional change significantly improve our understanding of the long-run behaviour of velocity and. consequently, of the demand for money. If...
Persistent link: https://www.econbiz.de/10005828768
Cover Image
Putting 'M' back in Monetary Policy
Leeper, Eric; Roush, Jennifer E. - National Bureau of Economic Research (NBER) - 2003
Money demand and the stock of money have all but disappeared from monetary policy analyses. This paper is an empirical contribution to the debate over the role of money in monetary policy analysis. The paper models supply and demand interactions in the money market and finds evidence of an...
Persistent link: https://www.econbiz.de/10005829789
Cover Image
Why Has the Euro Been Falling? An Investigation into the Determinants of the Exchange Rate
Sinn, Hans-Werner; Westermann, Frank - National Bureau of Economic Research (NBER) - 2001
This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its...
Persistent link: https://www.econbiz.de/10005830291