In this paper two shocks are analysed using Canadian data: a money-supply shock ("M-shock") and an interest-rate shock …

In the United States prior to 1863 each bank issued its own distinct notes. E-money shares many of the characteristics … of these bank notes. This paper describes some lessons relevant to e-money from the U.S. experience with state bank notes … functioning of the system. The U.S. experience with state bank notes suggests that a privately-issued e-money system can operate …

bank issued its own notes. E-money shares many of the characteristics of these bank notes. This paper describes some … lessons relevant to e-money from the U.S. experience with national bank notes. It examines historical evidence on how well the … bank notes suggests that a privately-issued e-money system can operate efficiently but will require government intervention …

The relationships among the quantity theory of money, monetarism and policy regimes based on money-growth and inflation … targeting are briefly discussed as a prelude to an exposition of alternative views of money’s role in the transmission mechanism … of monetary policy. The passive-money view treats the money supply as an endogenous variable that plays no role in that …

on a money-demand framework. A Markov regime-switching approach is also used to determine whether the more recent … response of money demand to interest rates can be characterized as a separate regime. In general, we do not find any support … for the liquidity trap hypothesis. Moreover, we cannot conclude that the response of the demand for money to changes in …