Under the assumption of purely additive transaction costs in exchange, the literature on money has a standard example of direct exchange dominating indirect (monetary) exchange. From here, it is frequently concluded that subadditive costs (e. g., search costs) must be examined in order to explain the institution or origin of money. In contrast, this paper presents an additive transaction costs model ...
Der Artikel untersucht die Indikatoreigenschaften der Geldmenge für die Inflation. Unter Verwendung eines P*-Modells hat Svensson (2000) theoretisch gezeigt, dass die Beziehung zwischen beiden Größen recht schwach ausgeprägt ist. Die vorliegende Studie präsentiert empirische Evidenz für die Beziehung im Euroraum. Dabei wird Svenssons Ansatz durch die Berücksichtigung verschiedener Schocks sowie unter ...
The conditions under which European monetary policy is likely to be conducted are investigated by means of multi-variate time series modelling using aggregated data of all eleven European Monetary Union member states. A cointegration analysis identifies two stable long-run relationships within a set of five key macroeconomic variables, one of which can be interpreted as a money demand function and ...
