A dynamic asymptotically ideal model of money demand

Article Abstract:

A dynamically asymptotically ideal model of money demand is constructed incorporating incomplete portfolio adjustment using data from the Federal Reserve Bank of St. Louis on 24 liquid assets from 1960 to 1993. This model was chosen because it provides continuous utility function and measurements of substitution elasticities. It was concluded that cash assets, savings deposits and small time deposits can be considered as substitutes for each other. It was further suggested that policy makers should emphasize a monetary aggregate that takes into account these assets in order for monetary policy to be effective.

Models, Economic aspects, Liquidity (Finance), Elasticity (Economics), Substitution (Economics)

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The early development of monetary policy rules: the view from Geneva in the 1920s

Article Abstract:

The research program formulated by International Labor Organization (ILO) economists during 1920s remains influential in the assessment of monetary policy role, particularly price stability norm status. The program, which happens to be an integration of conventional theory and empirical work, emphasizes the need to create practical goals, rules and methods for the conduct of monetary policy. It also serves as an early authoritative source on the creation and utilization of macroeconomic statistics in the monetary policy process.

Banking Institutions, Depository Credit Intermediation, Economics, Research and Development in the Social Sciences and Humanities, DEPOSITORY INSTITUTIONS, Banks (Finance), Price control, Price regulations

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Monetary shocks in the G-6 countries: is there a puzzle?

Article Abstract:

Monetary shocks are determined as those that carry a proportionate impact on the shock of money and the price level but sans any long-run effect on output or the interest rate. The response functions generally imply that the monetary shock identified can be construed as a monetary policy shock. An expansionary shock produces a rise in the stock of money, a short-run fall in the interest rate.

Administration of General Economic Programs, Economic Planning & Research, Economic conditions

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