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A Microeconomic Test of Money Neutrality
The Review of Economics and Statistics, 1984Conventional empirical studies of money neutrality have focussed on the response of aggregate economic measures to anticipated and unanticipated money supply shocks. The present paper uses data from the U.S. pork industry to test for money neutrality at the microeconomic level.
Enders, Walter, Falk, Barry
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2021
This chapter summarises the key ingredients of Schumpeter's monetary theory. While his writing on monetary matters is spread across multiple sources, one may summarise his endeavour in three integrative steps: First, he elaborated the claim theory into a general vision of money as a purely symbolic system of social accounts. Second, he put the quantity
Michael Peneder, Andreas Resch
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This chapter summarises the key ingredients of Schumpeter's monetary theory. While his writing on monetary matters is spread across multiple sources, one may summarise his endeavour in three integrative steps: First, he elaborated the claim theory into a general vision of money as a purely symbolic system of social accounts. Second, he put the quantity
Michael Peneder, Andreas Resch
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Journal of Political Economy, 1973
The neutrality of changes in the monetary base and reserve requirements is examined assuming the existence of two forms of money and an arbitrary number of other financial assets. Necessary and sufficient conditions for a policy to be neutral are developed.
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The neutrality of changes in the monetary base and reserve requirements is examined assuming the existence of two forms of money and an arbitrary number of other financial assets. Necessary and sufficient conditions for a policy to be neutral are developed.
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Is the "Neutralized Money Stock" Unbiased?: Comment
The Journal of Finance, 1976IT IS GENERALLY ACCEPTED that observed measures of the money stock do not completely reflect the policy actions of the Federal Reserve in controlling economic activity [1, 3, 5]. The reason is that the observed money supply is composed of two components: (1) an exogeneous or policy induced component which represents the attempt of the monetary ...
Barth, James R, Bennett, James T
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European Journal of Political Economy, 1989
Abstract The paper is concerned with tests for Granger causality and for cointegration between (log) money and (log) output in Germany. Augmented Dickey—Fuller tests show that only second differences of both variables are stationary and only first differences (and not levels) are cointegrated. Furthermore it is shown that there is most times feedback
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Abstract The paper is concerned with tests for Granger causality and for cointegration between (log) money and (log) output in Germany. Augmented Dickey—Fuller tests show that only second differences of both variables are stationary and only first differences (and not levels) are cointegrated. Furthermore it is shown that there is most times feedback
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1987
‘Neutrality of money’ is a shorthand expression for the basic quantity-theory proposition that it is only the level of prices in an economy, and not the level of its real outputs, that is affected by the quantity of money which circulates in it. Thus the notion — though not the term — goes back to early statements of the quantity theory, such as the ...
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‘Neutrality of money’ is a shorthand expression for the basic quantity-theory proposition that it is only the level of prices in an economy, and not the level of its real outputs, that is affected by the quantity of money which circulates in it. Thus the notion — though not the term — goes back to early statements of the quantity theory, such as the ...
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Growth and the neutrality of money
Empirical Economics, 1996Using two simple stochastic growth models that nest both exogenous and endogenous growth, this paper shows that money should not be neutral in the long run if it is not neutral in the short run and if growth is endogenous. By contrast, if growth is exogenous, money should be neutral in the long run.
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2010
This Handbook looks through the lens of the latest generation of scholars at the main propositions believed by so-called ‘Austrians’. Each contributing author addresses key tenets of the school of thought, and outlines its ongoing contribution to economics and to the social sciences.
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This Handbook looks through the lens of the latest generation of scholars at the main propositions believed by so-called ‘Austrians’. Each contributing author addresses key tenets of the school of thought, and outlines its ongoing contribution to economics and to the social sciences.
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Monetary Aggregation and the Neutrality of Money
Economic Inquiry, 2001This article tests the long‐run neutrality of money proposition using quarterly U.S. data over the period from 1960:1 to 1996:2 and the methodology suggested by King and Watson (1997), paying particular attention to the integration and cointegration properties of the variables. Comparisons are made among simple sum, Divisia, and currency equivalent (CE)
A Serletis, Z Koustas
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Money Multiplier and Velocity Playing for Money Neutrality
SSRN Electronic Journal, 2014Quantitative theory of money appears as having the most to say about the today money - e.g. this is a genuinely and largely developed and even developing theory of economics, a theory searching for relating the money base to real economy (i.e. national product or income) plus it verifies, as its basic equation (MV = PT) on long term.
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