Author: Harry Sweitcher Schwartz
Publisher:
ISBN:
Category : Bank reserves
Languages : en
Pages : 406
Book Description
Reserve Requirements and Commercial Bank Cash Coefficients in the Postwar Period
Author: Harry Sweitcher Schwartz
Publisher:
ISBN:
Category : Bank reserves
Languages : en
Pages : 406
Book Description
Publisher:
ISBN:
Category : Bank reserves
Languages : en
Pages : 406
Book Description
Demand for Money
Author:
Publisher: Transaction Publishers
ISBN: 1412821452
Category : Business & Economics
Languages : en
Pages : 210
Book Description
The income velocity of money-an inverse measure of the demand for money balances-is the ratio of the money value of income to the average money stock that the public (excluding banks) holds in a given period. Why the magnitude of that ratio has changed over time is the subject of Michael D. Bordo and Lars Jonung's classic study, originally published as "The Long-Run Behavior of the Velocity of Circulation." Supported by statistical data, econometric estimation techniques, and meticulous historical analysis, this work describes, in an international setting, how slow-moving economic, social, and political forces interact with the decisions households and firms make about how much money to hold. Annual time series of velocity for several countries from the late nineteenth century to the late twentieth century display a U-shaped pattern. Existing theories can explain each section of the velocity curve-the falling, flat, and rising parts-but the overall pattern is not consistent with any one theory. Here the authors put forth a comprehensive explanation for this behavior over time. Their theory is largely an extension of the approach of Knut Wicksell, the Swedish economist who stressed the role of substitution between monetary assets. This approach, which emphasizes institutional variables, is incorporated into the arguments for the traditional long-run money demand (velocity) function. Four types of empirical evidence strongly support the authors' theory: econometric studies of the long-run velocity function for several countries; a cross section study of approximately eighty countries in the postwar period; a case study of the Swedish monetization process in the fifty years before World War I; and an examination of the time series properties of velocity. "Demand for Money" suggests that institutional factors, as opposed to real income, play a greater role in velocity than previously thought. And these institutional factors have a major impact on monetary policy. This is a book that will prove of great value to economists, monetary strategists, and policymakers. br> Michael D. Bordo is professor of economics and director of the Center for Monetary and Financial History at Rutgers University. He is editor of a series of books, "Studies in Macroeconomic History," and the author of "Essays on the Gold Standard and Related Regimes," and (with Anna J. Schwartz) "A Retrospective on the Classical Gold Standard 1821-1931." Lars Jonung is research adviser at ECFIN, European Commission, Brussels. He was previously professor of economics at the Stockholm School of Economics, and served as chief economic advisor to Prime Minister Carl Bildt from 1992 to 1994. Jonung is the author of "The Political Economy of Price Controls: The Swedish Experience 1970-1985," and editor of "The Stockholm School of Economics Revisited."
Publisher: Transaction Publishers
ISBN: 1412821452
Category : Business & Economics
Languages : en
Pages : 210
Book Description
The income velocity of money-an inverse measure of the demand for money balances-is the ratio of the money value of income to the average money stock that the public (excluding banks) holds in a given period. Why the magnitude of that ratio has changed over time is the subject of Michael D. Bordo and Lars Jonung's classic study, originally published as "The Long-Run Behavior of the Velocity of Circulation." Supported by statistical data, econometric estimation techniques, and meticulous historical analysis, this work describes, in an international setting, how slow-moving economic, social, and political forces interact with the decisions households and firms make about how much money to hold. Annual time series of velocity for several countries from the late nineteenth century to the late twentieth century display a U-shaped pattern. Existing theories can explain each section of the velocity curve-the falling, flat, and rising parts-but the overall pattern is not consistent with any one theory. Here the authors put forth a comprehensive explanation for this behavior over time. Their theory is largely an extension of the approach of Knut Wicksell, the Swedish economist who stressed the role of substitution between monetary assets. This approach, which emphasizes institutional variables, is incorporated into the arguments for the traditional long-run money demand (velocity) function. Four types of empirical evidence strongly support the authors' theory: econometric studies of the long-run velocity function for several countries; a cross section study of approximately eighty countries in the postwar period; a case study of the Swedish monetization process in the fifty years before World War I; and an examination of the time series properties of velocity. "Demand for Money" suggests that institutional factors, as opposed to real income, play a greater role in velocity than previously thought. And these institutional factors have a major impact on monetary policy. This is a book that will prove of great value to economists, monetary strategists, and policymakers. br> Michael D. Bordo is professor of economics and director of the Center for Monetary and Financial History at Rutgers University. He is editor of a series of books, "Studies in Macroeconomic History," and the author of "Essays on the Gold Standard and Related Regimes," and (with Anna J. Schwartz) "A Retrospective on the Classical Gold Standard 1821-1931." Lars Jonung is research adviser at ECFIN, European Commission, Brussels. He was previously professor of economics at the Stockholm School of Economics, and served as chief economic advisor to Prime Minister Carl Bildt from 1992 to 1994. Jonung is the author of "The Political Economy of Price Controls: The Swedish Experience 1970-1985," and editor of "The Stockholm School of Economics Revisited."
Monetary Process and Policy, [proceedings Of]
Author: George Horwich
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 408
Book Description
Conference sponsored by the American Bankers Association and the Krannert Graduate School of Industrial Administration of Purdue University, and held at Lafayette Aug. 29-Sept. 1, 1965. Bibliographical footnotes.
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 408
Book Description
Conference sponsored by the American Bankers Association and the Krannert Graduate School of Industrial Administration of Purdue University, and held at Lafayette Aug. 29-Sept. 1, 1965. Bibliographical footnotes.
Commercial Bank Liquidity Management, Discretionary Reserve Behavior, and the Allocation of Credit, 1863-1913
Author: John Milton Carter
Publisher: Garland Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 208
Book Description
Publisher: Garland Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 208
Book Description
The American Economic Review
Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 1044
Book Description
Includes annual List of doctoral dissertations in political economy in progress in American universities and colleges; and the Hand book of the American Economic Association.
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 1044
Book Description
Includes annual List of doctoral dissertations in political economy in progress in American universities and colleges; and the Hand book of the American Economic Association.
Summaries of Dissertations Submitted in Partial Satisfaction of the Requirements for the Degree of Doctor of Philosophy
Author: University of California, Berkeley. Graduate Division, Northern Section
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 860
Book Description
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 860
Book Description
Liquidity Ratios as Monetary Policy Tools: Some Historical Lessons for Macroprudential Policy
Author: Eric Monnet
Publisher: International Monetary Fund
ISBN: 1498320473
Category : Business & Economics
Languages : en
Pages : 48
Book Description
This paper explores what history can tell us about the interactions between macroprudential and monetary policy. Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were commonly used as monetary policy tools by central banks between the 1930s and 1980s. We build a model that rationalizes the mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects, because it reduces the quantity of assets banks can pledge as collateral. This effect, akin to quantity rationing, is more pronounced when excess reserves are scarce.
Publisher: International Monetary Fund
ISBN: 1498320473
Category : Business & Economics
Languages : en
Pages : 48
Book Description
This paper explores what history can tell us about the interactions between macroprudential and monetary policy. Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were commonly used as monetary policy tools by central banks between the 1930s and 1980s. We build a model that rationalizes the mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects, because it reduces the quantity of assets banks can pledge as collateral. This effect, akin to quantity rationing, is more pronounced when excess reserves are scarce.
Comprehensive Dissertation Index, 1861-1972: Business and economics
Author: Xerox University Microfilms
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 832
Book Description
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 832
Book Description
Monetarism
Author: K. Alec Chrystal
Publisher:
ISBN:
Category : Chicago school of economics
Languages : en
Pages : 502
Book Description
Publisher:
ISBN:
Category : Chicago school of economics
Languages : en
Pages : 502
Book Description
Comprehensive Dissertation Index, 1861-1972
Author: Xerox University Microfilms
Publisher:
ISBN:
Category : Business
Languages : en
Pages : 814
Book Description
Publisher:
ISBN:
Category : Business
Languages : en
Pages : 814
Book Description