نتایج جستجو برای: money growth rule

تعداد نتایج: 1002494  

2010
Manolis Galenianos Philipp Kircher

We develop a model of decentralized monetary exchange that can be used to examine the distributional effects of inflation across heterogeneous agents who have private information. The private information can be about the productivity, preferences, or money holdings of the agents. Matching is multilateral and each seller is visited by a stochastic number of buyers. The good is allocated accordin...

2004
Gerhard Sorger

In a standard overlapping generations model, active monetary policy reinforces mechanisms that lead to equilibrium indeterminacy and to countercyclical behavior of young-age consumption. The policy rule which minimizes inflation volatility can be active or passive, depending on the characteristics of shocks and the risk aversion of households. Inflation forecast errors are always greater under ...

2012
Hiroshi Nishi

This study explores the effects of macroeconomic policies on measures of macroeconomic performance such as growth and inflation by setting up a dynamic post-Keynesian model with government and central bank interventions. In doing so, this study reconsiders the arguments in favor of a policy regime. The model in this paper generates several varieties of economic growth regimes and inflation dyna...

2009
Eckhard Platen Willi Semmler Frederic Mishkin

Monetary policy has pursued the concept of inflation targeting. This has been implemented in many countries. Here interest rates are supposed to respond to an inflation gap and output gap. Despite long term continuing growth of the world financial assets, recently, monetary policy, in particular in the U.S. after the subprime credit crisis, was challenged by severe disruptions and a meltdown of...

Relinquishing precious metal coins and replacing it with paper money is an Historical development in modern economies. Some liberal monetary theorists (Austrian school) rejecting paper money have emphasized the need to return to a metallic currency (or gold standard) and the rule of market in money production. The main vice of paper money is that it is not consequence of the spontaneous market ...

2003
Richard G. Sheehan

HE money-inflation relationship has been examined extensively for avariety of economies resulting in a consensus that money growth has had a significant and positive impact on inflation.’ A related, but little studied issue, is the relationship between money growth rates across countries. This issue is important for assessing the extent to which inflation pressures have been transmitted froni c...

Journal: :The Journal of Policy Reform 2003

Money supply and velocity of money are important variables that affect inflation and product. Velocity of money is a key concept for economic policy, and it's getting more important since it is closely related to behavior of the demand for money. In this regard, Friedman believes that the volatility of money growth is the main factor of velocity of money, which in monetary economics literature ...

2009
Yanbin Chen Zhen Huo YANBIN CHEN ZHEN HUO

This paper studies a modified Chinese Taylor’s rule with money supply growth rate as the intermediate target. We develop survey data to measure the expected inflation and use the real marginal cost as a proxy for the output gap. The Markov regime switching model, the TVP model and the split sample OLS estimation are employed to estimate the changing coefficients of the monetary reaction functio...

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