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Author | : Helmut Lütkepohl |
Publisher | : Springer Science & Business Media |
Total Pages | : 266 |
Release | : 2013-04-17 |
Genre | : Business & Economics |
ISBN | : 3662125390 |
Download Money Demand in Europe Book in PDF, ePub and Kindle
In 1999 a number of member states of the European Union will adopt a common currency. This change in the monetary system requires that a Eur opean Central Bank is set up and a common monetary policy is pursued. There is general agreement among those countries which are likely to join the common currency that price level stability has to be the ultimate objec tive of monetary po1icy. It is an open issue, however, what kind of policy is best suited for that purpose. The alternative strategies under discussion are a direct inflation targeting, an intermediate monetary targeting or a mixture of both. For these policy strategies a stable money demand relation is of cen tral importance. Therefore a workshop on Money Demand in Europe was organized at the Humboldt University in Berlin on October 10/11, 1997. This research conference brought together academic and central bank econo mists and econometricians predominantly from Europe to discuss issues on specification, estimation and, in particular, stability of money demand rela tions both in a single equation and in a systems framework. In this volume revised versions of the papers presented and discussed at the workshop are collected. The volume thereby gives an overview of money demand analysis in Europe on the eve of the introduction of the Euro in some European countries. It contributes to the discussion on a suitable monetary policy for the new European Central Bank.
Author | : Christian Müller |
Publisher | : Springer Science & Business Media |
Total Pages | : 248 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 3642574009 |
Download Money Demand in Europe Book in PDF, ePub and Kindle
The first of January 1999 marked the beginning of a macroeconomic experi ment without precedent in modern history. For the first time eleven European countries agreed to abolish their local currencies in favour of a single one, the Euro. Not surprisingly, the necessary preparatory process has been accompa nied by an intensive discussion about the best way to manage the new Euro currency properly. To spur on that discourse was the principal motivation for this thesis. The introductory chapter attempts to bridge economic and econometric views on money demand analysis. It should help to motivate estimation proce dures and to standardize interpretation techniques, hopefully initiating further discussion in that direction. It intends to make the following chapters more accessible. In this thesis I approach the general subject in two principle ways. In chapter 3 I consider technical issues dealing with time series with shifts in the mean. Two years ago, Helmut Liitkepohl and Pentti Saikkonen asked me to join in on a related project which became the cornerstone of this chapter. I have very much appreciated the highly instructive collaboration with both these scholars.
Author | : J.A.J Alders |
Publisher | : Springer Science & Business Media |
Total Pages | : 149 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 1461312493 |
Download Monetary Policy in a Converging Europe Book in PDF, ePub and Kindle
Monetary Policy in a Converging Europe covers the most important monetary issues in the transition towards an Economic and Monetary Union in Europe, containing contributions from renowned experts in relevant research and policy areas. Among other things, the contributions discuss the scope for inflation targeting, monetary interdependencies within the `core' ERM countries, money demand within the European Union, the difference between the monetary transmission mechanisms in the various European countries, and the preferred exchange rate policy in Stage Two of EMU. The book provides an excellent overview of current issues for anyone interested in monetary policy in a converging Europe.
Author | : Michael J. Artis |
Publisher | : |
Total Pages | : 358 |
Release | : 1991 |
Genre | : Business & Economics |
ISBN | : |
Download Money in Britain Book in PDF, ePub and Kindle
Provides an overview of the evolution and effects of monetary policy in recent years. The book is particularly concerned with how entry into the European Monetary System (EMS) and the European Monetary Union (EMU) will affect financial conditions in the UK.
Author | : David Hörnle |
Publisher | : GRIN Verlag |
Total Pages | : 26 |
Release | : 2008-01-02 |
Genre | : Business & Economics |
ISBN | : 3638884074 |
Download The relationship between the money supply and the inflation rate and the role of the European Central Bank in changing the money supply Book in PDF, ePub and Kindle
Seminar paper from the year 2007 in the subject Economics - Monetary theory and policy, grade: 1,7, Berlin School of Economics, course: Economics II, Business Cycles, Employment and Trade, language: English, abstract: This essay consists of two topics, both belonging to the field of money supply in the European Union (EU) since the introduction of the Euro 2002. The first part examines the relationship between money supply and inflation rate. Illuminating this relationship, it also explains the monetary policy of the European Central Bank (ECB). The link between its policy and the relationship of money supply and inflation rate will be highlighted by using graphs and current data. The first part ends with a critical view upon the policy of the ECB and the theories regarding the money supply. The second part deals with the role of the ECB in controlling the money supply. It shows which tools central banks have in general at hand to control the money supply, followed by an explanation of how these tools work. Finally, it discusses the development of the ECB and the steps it takes to control the money supply efficiently.
Author | : Alberto Giovannini |
Publisher | : MIT Press |
Total Pages | : 408 |
Release | : 1995 |
Genre | : Business & Economics |
ISBN | : 9780262071680 |
Download The Debate on Money in Europe Book in PDF, ePub and Kindle
Written from 1985 to 1992, the author's essays address such topics as the transition to a European monetary system, the design and functioning of a European Central Bank, curency reform, capital inflow, and exchange rates.
Author | : Zenon Kontolemis G. |
Publisher | : International Monetary Fund |
Total Pages | : 36 |
Release | : 2002-11 |
Genre | : Business & Economics |
ISBN | : |
Download Money Demand in the Euro Area Book in PDF, ePub and Kindle
The paper reviews the stability of long-run money demand in the euro area in the light of recent revisions to M3 data. The analysis confirms the existence of a stable long-run money demand, although the estimated equation implies a smaller equilibrium M3 growth than the European Central Bank's reference value of 41⁄2 percent. The stability of long-run money demand does not imply that the market is always in equilibrium. Indeed, it is argued that periods of disequilibrium can be long and adjustment slow. The paper shows that the difference between the low estimated equilibrium growth rate and the actual growth rate for M3 can be explained by a velocity shock, identified here as the sharp fall in equity prices in the last two years. These characteristics of the money market-summarized in the events of the last two years-would call for an alternative approach in the communication of monetary policy developments, essentially putting less emphasis on month-to-month developments in M3.
Author | : Volker Clausen |
Publisher | : Springer Science & Business Media |
Total Pages | : 213 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 3642595650 |
Download Asymmetric Monetary Transmission in Europe Book in PDF, ePub and Kindle
The euro and the ESCB have started in January 1999 and there is naturally a wide-ranging interest in academia and among policymakers in OECD coun tries, how successful European Monetary Union will and can be. EMU has started with 11 countries and experienced a rapid depreciation of the cur rency. With so many EU countries joining for a historical monetary union in a period of economic globalization, international financial market changes and ongoing EU enlargement the problem of monetary policy efficiency becomes crucial; especially as so many countries in the EU still have high unemploy ment rates and the euro has just started at the beginning of a cyclical upswing in the euro zone. Monetary policy is also quite crucial, because the Maastricht convergence criteria severely restrict the scope of national fiscal policy. With a very limited stock of valuable European monetary experience which could be usefully exploited by the ECB and the ESCB respectively, one naturally will appreciate advanced economic modeling of the main issues. This book takes an analytical look at the problem of asymmetric monetary transmission in Euroland. Facing the ECB's monetary policy, individual mem ber countries are likely to experience different policy effects. Countries differ in their financial structure -a well-known argument in the literature -but also in the characteristics of goods and labor markets. The latter fields have been somewhat neglected in the literature but receive broad analytical attention here.
Author | : Mr.Timothy D. Lane |
Publisher | : International Monetary Fund |
Total Pages | : 36 |
Release | : 1992-10-01 |
Genre | : Business & Economics |
ISBN | : 1451955049 |
Download Currency Substitution and Cross-Border Monetary Aggregation Book in PDF, ePub and Kindle
Is there a stable aggregate money demand relationship for Europe? If so, why, and if not, why not? These questions are important for the implementation of policy by a European central bank, as well as for the appropriate speed of transition to EMU. This paper addresses them in a multi-country empirical study of money demand for the G-7 countries during the period since 1973. It looks for evidence of currency substitution and tests the restrictions implied by cross-border aggregation within Europe.
Author | : Barry J. Eichengreen |
Publisher | : MIT Press |
Total Pages | : 374 |
Release | : 1997 |
Genre | : Business & Economics |
ISBN | : 9780262050548 |
Download European Monetary Unification Book in PDF, ePub and Kindle
Whether EMU is feasible & desirable is contested among economists and politicians alike. The author of this text argues that the effects of monetary unification will depend on how it is structured & governed, & how quickly Europe's markets adapt.