Disaggregated Monetary Asset Demand Systems PDF Download

Author: Edward K. Offenbacher
Publisher:
ISBN:
Category : Demand for money
Languages : en
Pages : 38

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Author: Ali Jadidzadeh
Publisher:
ISBN:
Category :
Languages : en
Pages : 34

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This paper uses a highly disaggregated demand system to estimate the degree of substitutability among monetary assets and to address the issue of optimal monetary aggregation in the United States. We address the problems of dimensionality and nonlinearity, estimating a very detailed monetary asset demand system encompassing the full range of assets based on the locally flexible normalized quadratic (NQ) expenditure function. We treat the concavity property as a maintained hypothesis and provide evidence consistent with neoclassical microeconomic theory. Statistical tests reject the appropriateness of the aggregation assumptions for all the money measures published by the Federal Reserve as well as for a large number of groupings suggested by earlier studies. This supports and reinforces Barnett's (2016) assertion that we should employ the broadest M4 monetary aggregate published by the Center for Financial Stability.

Author: Swamy. P. A. V. B.
Publisher:
ISBN:
Category : Econometrics
Languages : en
Pages : 64

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Author: B. Raj
Publisher: Springer Science & Business Media
ISBN: 9401124086
Category : Business & Economics
Languages : en
Pages : 463

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PREFACE TO THE COLLECTION PREAMBLE The editors are pleased to present a selection of Henri Theil's contributions to economics and econometrics in three volumes. In Volume I we have provided an overview of Theil's contributions, a brief biography, an annotated bibliography of his research, and a selection of published and unpublished articles and chapters in books dealing with topics in econometrics. Volume II contains Theil's contributions to demand analysis and information theory. Volume III includes Theil's contributions in economic policy and forecasting, and management science. The selection of articles is intended to provide examples of Theil's many seminal and pathbreaking contributions to economics in such areas as econometrics, statistics, demand analysis, information theory, economic policy analysis, aggregation theory, forecasting, index numbers, management science, sociology, operations research, higher education and much more. The collection is also intended to serve as a tribute to him on the occasion of his 68th birthday: These three volumes also highlight some of Theil's contributions and service to the profession as a leader, advisor, administrator, teacher, and researcher. Theil's contributions, which encompass many disciplines, have been extensively cited both in scientific and professional journals. These citations often place Theil among 10 researchers (ranked according to number of times cited) in the world in various the top disciplines.

Author: S. S. Thurman
Publisher:
ISBN:
Category : Econometrics
Languages : en
Pages : 46

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Author: Mr.Jose M Cartas
Publisher: International Monetary Fund
ISBN: 1513579193
Category : Business & Economics
Languages : en
Pages : 450

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This edition of Monetary and Financial Statistics Manual and Compilation Guide (Manual) updates and merges into one volume methodological and practical aspects of the compilation process of monetary statistics. The Manual is aimed at compilers and users of monetary data, offering guidance for the collection and analytical presentation of monetary statistics. The Manual includes standardized report forms, providing countries with a tool for compiling and reporting harmonized data for the central bank, other depository corporations, and other financial corporations.

Author: Edward K. Offenbacher
Publisher:
ISBN:
Category : Money
Languages : en
Pages : 58

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Author: Helge Berger
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 66

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Monetary aggregates continue to play an important role in the ECB's policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary factors alone may leave the ECB with an incomplete picture of the economy. However, treating monetary factors as a separate matter is a second-best solution. Instead, a general-equilibrium inspired analytical framework that merges the economic and monetary "pillars" of the ECB's policy strategy appears the most promising way forward. The role played by monetary aggregates in such unified framework may be rather limited. However, an integrated framework would facilitate the presentation of policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and financial sector variables, including asset prices, and their impact on consumer prices.

Author:
Publisher:
ISBN:
Category : Money
Languages : en
Pages : 90

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Author: Agustín Maravall
Publisher:
ISBN:
Category : Money supply
Languages : en
Pages : 44

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