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inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution … effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only … by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices …
Persistent link: https://www.econbiz.de/10008509091
inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution … effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only … by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices …
Persistent link: https://www.econbiz.de/10010574387
differences in relative prices can be explained as well by real factors. Thus the core theme of the paper: 'money matters', though …
Persistent link: https://www.econbiz.de/10010575181
to the path of short-term rates; 3) deposit insurance has been extended, helping to insulate the money stock from credit …
Persistent link: https://www.econbiz.de/10013124914
The process of transmitting monetary policy impulses to the real economy presents o series of particularities from one country to another, mainly because of the diversity of financial systems. Thereby, the functionality of various monetary policy transmission channels is significantly influenced...
Persistent link: https://www.econbiz.de/10008829728
This article analyzes the impact of monetary policy on bank behavior under the Basel I regulatory framework using a dynamic model with monopolistic competition. There are two main objectives. First, we theoretically predict the dynamic model of bank lending channels under the Basel I regulatory...
Persistent link: https://www.econbiz.de/10010636286
The research, using VAR model and economic and financial data starting from January 1998 and expiring by June 2006, by econometric methods and theoretical analysis, examines the intermediate target and transmission channel of China’s monetary policy. The results are as followings: (1) Monetary...
Persistent link: https://www.econbiz.de/10011015256
%-Money), Milton Friedman (Chicago Plan) and others (Allais, 1988; Gödde, 1985; Benes / Kumhof, 2013). The new monetary order … new monetary order are legally protected money, no bank runs, a substantial reduction of the public debt, self …
Persistent link: https://www.econbiz.de/10010892218
Most authors have attributed the real effects of money in the short run either to mistaken expectations or to non … competitive market clearing model in which money enters the production function is fully capable of mimicking the broad features …
Persistent link: https://www.econbiz.de/10005605583
In response to the Great Financial Crisis, the Federal Reserve and the Bank of England have adopted unconventional monetary policy instruments. We investigate if one of these, purchases of long-term government debt, could be a valuable addition to conventional short-term interest rate policy...
Persistent link: https://www.econbiz.de/10013086286