953 research outputs found
Monetary aggregates, monetary policy and economic activity
Monetary policy ; Velocity of money
Identification of dynamic economic models from reduced form VECM structures: an application of covariance restrictions
This analysis is a straightforward implementation of both long-run and short-run identifying or overidentifying restrictions on a vector error correction model in the "structural VAR" framework. The framework utilizes covariance restrictions, long-run multiplier restrictions, error correction coefficient restrictions, and restrictions on slope coefficients of the stimultaneous interactions in the "economic model." The framework is general enough to incorporate restrictions on impact multipliers. Two examples are provided. The first example is a dynamic M2 demand specification with a comparison to previous results that are constructed using restrictions on distributed lag coefficients to achieve identification. The second example illustrates the identification of equilibrium short-term and long-term interest responses of money demand using error-correction coefficient restrictions when the individual coefficients are underidentified in the cointegrating vectors in the presence of stationary interest rate spreads.Econometric models ; Demand for money
Interest rate volatility and alternative monetary control procedure
Monetary policy - United States ; Interest rates ; Federal Open Market Committee
Flation
“Flation” is an article adapted from a speech of the same title presented before the International Mass Retail Association Leadership Forum, Scottsdale, Arizona, January 21, 2002.Monetary policy ; Inflation (Finance) ; Deflation (Finance)
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