Fractional Cointegration And Aggregate Money Demand Functions
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Aggregate Money Demand Functions
Author | : Dennis L. Hoffman |
Publisher | : Springer |
Total Pages | : 288 |
Release | : 1996-04-30 |
Genre | : Business & Economics |
ISBN | : |
Uses the tools of modern time series analysis to determine the role of an aggregate demand for real balances in the generation of macroeconomic time series. Undertakes the identification and estimation of the demand function in a multivariate, rather than the usual single-equation, framework. Discusses the development and failures of the empirical literature; identification, estimation, and inference; a framework for structural and dynamic analysis; a prototype economic model characterized by co- integration; three-variable and higher dimensional VECM models; and combining term structure and Fisher effects. Annotation copyright by Book News, Inc., Portland, OR
China’s Monetary Policy and Interest Rate Liberalization
Author | : Wei Liao |
Publisher | : International Monetary Fund |
Total Pages | : 24 |
Release | : 2014-05-01 |
Genre | : Business & Economics |
ISBN | : 1484366441 |
China has been moving to a more market oriented financial system, which has implications for the monetary policy environment. The paper investigates the stability of the money demand function (MDF) in light of progress in financial sector reforms that, for example, have resulted in significant financial innovation (so-called shadow banking) and more liberalized interest rates. The analysis of international experience suggests that rapid development of the financial system often leads to structural shifts in the MDF. For example, financial innovation and liberalization alter the sensitivity of money balances to income and the interest rate. For China, we find that the stable long-run relationship between money demand, output, and interest rates that existed between 2002 and 2008 disappears after 2008. This coincides with the period of rapid financial innovation, especially the growth in off-balance sheet and nonbank financial intermediation. The results suggest that usefulness of M2 as an intermediate monetary target has declined with financial innovation and reform. A result that underscores the importance of moving toward increased reliance on more price-based targets such as interest rates.
The Demand for Money
Author | : Apostolos Serletis |
Publisher | : Springer Science & Business Media |
Total Pages | : 384 |
Release | : 2007-06-08 |
Genre | : Business & Economics |
ISBN | : 0387717277 |
This is the most comprehensive textbook available on the money demand function and its role in modern macroeconomics. The book takes a microeconomic- and aggregation-theoretic approach to the topic and presents empirical evidence using state-of-the-art econometric methodology, while recognizing the existence of unsolved problems and the need for further developments. The new edition is fully revised and includes new chapters.
Money and the Real World
Author | : Paul Davidson |
Publisher | : Springer |
Total Pages | : 448 |
Release | : 1978-02-23 |
Genre | : Business & Economics |
ISBN | : 1349158658 |
The Demand for Money
Author | : Apostolos Serletis |
Publisher | : Springer Science & Business Media |
Total Pages | : 305 |
Release | : 2013-11-21 |
Genre | : Business & Economics |
ISBN | : 1475733208 |
Almost half a century has elapsed since the demand for money began to attract widespread attention from economists and econometricians, and it has been a topic of ongoing controversy and research ever since. Interest in the topic stemmed from three principal sources. First of all, there was the matter of the internal dynamics of macroeco nomics, to which Harry Johnson drew attention in his 1971 Ely Lecture on "The Keynesian Revolution and the Monetarist Counter-Revolution," American Economic Review 61 (May 1971). The main lesson about money that had been drawn from the so-called "Keynesian Revolution" was - rightly or wrongly - that it didn't matter all that much. The inherited wisdom that undergraduates absorbed in the 1950s was that macroeconomics was above all about the determination of income and employment, that the critical factors here were saving and investment decisions, and that monetary factors, to the extent that they mattered at all, only had an influence on these all important variables through a rather narrow range of market interest rates. Conventional wisdom never goes unchallenged in economics, except where its creators manage to control access to graduate schools and the journals, and it is with no cynical intent that I confirm Johnson's suggestion that those of us who embarked on academic careers in the '60s found in this wisdom a ready-made target.
Macroeconomic Theory - 14Th Edn
Author | : M C Vaish |
Publisher | : Vikas Publishing House |
Total Pages | : 832 |
Release | : 2010 |
Genre | : |
ISBN | : 8125941959 |
A complete textbook for UG and PG students of economics, commerce and business management, it provides an integrated view of macroeconomics from a global perspective as well as from Indian with special emphasis on Indian monetary policy. Divided into 4 parts--Introductory, Macroeconomic accounting, 3. Macroeconomic theory, 4. Money, interest and prices, 5. Policy, Foreign exchange and banking, 6. Trade cycle theories and economic growth
Monetary Policy
Author | : N. Gregory Mankiw |
Publisher | : University of Chicago Press |
Total Pages | : 358 |
Release | : 2007-12-01 |
Genre | : Business & Economics |
ISBN | : 0226503100 |
In Monetary Policy, leading monetary economists discuss applied aspects of monetary policy and offer practical new research on the timing, magnitude, and channels of central banking actions. Some of the papers in this volume evaluate a variety of policy rules based on monetary aggregates, nominal income, commodity prices, and other economic variables. Others analyze price behavior and inflation, particularly the short-run behavior of prices. Still others examine the monetary transmission mechanism—the channel through which the central bank's actions affect spending on goods and services—with a special focus on the reduction in bank lending that must accompany a reduction in reserves. This new research will be of special interest to central bankers and academic economists.