تقرير
Monetary Policy in a World Where Money (Also) Matters
| العنوان: | Monetary Policy in a World Where Money (Also) Matters |
|---|---|
| المؤلفون: | El-Shagi, Makram, Giesen, Sebastian, Kelly, Logan J. |
| بيانات النشر: | Leibniz-Institut für Wirtschaftsforschung Halle (IWH) |
| سنة النشر: | 2012 |
| المجموعة: | EconStor (German National Library of Economics, ZBW) |
| مصطلحات موضوعية: | ddc:330, E31, E52, C32, monetary policy, P-Star, structural identification, Barnett critique, Geldpolitik, strukturelle Identifikation, Barnett-Kritik |
| الوصف: | While the long-run relation between money and inflation as predicted by the quantity theory is well established, empirical studies of the short-run adjustment process have been inconclusive at best. The literature regarding the validity of the quantity theory within a given economy is mixed. Previous research has found support for quantity theory within a given economy by combining the P-Star, the structural VAR and the monetary aggregation literature. However, these models lack precise modelling of the short-run dynamics by ignoring interest rates as the main policy instrument. Contrarily, most New Keynesian approaches, while excellently modeling the short-run dynamics transmitted through interest rates, ignore the role of money and thus the potential mid- and long-run effects of monetary policy. We propose a parsimonious and fairly unrestrictive econometric model that allows a detailed look into the dynamics of a monetary policy shock by accounting for changes in economic equilibria, such as potential output and money demand, in a framework that allows for both monetarist and New Keynesian transmission mechanisms, while also considering the Barnett critique. While we confirm most New Keynesian findings concerning the short-run dynamics, we also find strong evidence for a substantial role of the quantity of money for price movements. ; Während die von der Quantitätstheorie vorhergesagte Langfristbeziehung zwischen Geld und Inflation gut dokumentiert ist, sind die Ergebnisse empirischer Studien zum kurzfristigen Anpassungsprozess wenig aufschlussreich. Die diesbezügliche Literatur, die versucht, die Gültigkeit der Quantitätstheorie mit Zeitreihenmodellen innerhalb eines Landes zu bestätigen, kommt zu gemischten Ergebnissen. Aktuelle Forschungsarbeiten, in denen P-Star-Modelle mit strukturellen VAR-Modellen kombiniert werden und die die Erkenntnisse der Aggregationstheorie bezüglich der relevanten Geldmenge berücksichtigen, bestätigen die Quantitätstheorie. Allerdings vernachlässigen diese Modelle eine präzise ... |
| نوع الوثيقة: | report |
| اللغة: | English |
| العلاقة: | Series: IWH Discussion Papers; No. 6/2012; gbv-ppn:730219976; urn:nbn:de:101:1-201212176783; http://hdl.handle.net/10419/66853Test; RePEc:zbw:iwhdps:iwh-6-12 |
| الإتاحة: | http://hdl.handle.net/10419/66853Test https://nbn-resolving.org/urn:nbn:de:101:1-201212176783Test |
| حقوق: | http://www.econstor.eu/dspace/NutzungsbedingungenTest |
| رقم الانضمام: | edsbas.48DCA86D |
| قاعدة البيانات: | BASE |
| الوصف غير متاح. |