The vanishing role of money in the macroeconomy: An Empirical investigation based on spectral and wavelet analysis

The recent de-emphasizing of the role of "money" in both theoretical macroeconomics as well as in the practical conduct of monetary policy sits uneasily with the idea that inflation is a monetary phenomenon. Empirical evidence has, however, been accumulating, pointing to an important leading indicator role for money and credit aggregates with respect to long term inflationary trends. Such a role could arise from monetary aggregates furnishing a nominal anchor for inflationary expectations, from their influence on the term structure of interest rates and from their affecting transactions costs in markets. Our paper attempts to assess the informational content role of money in the Indian economy by a separation of these effects across time scales and frequency bands, using the techniques of wavelet analysis and band spectral analysis respectively. Our results indicate variability of causal relations across frequency ranges and time scales, as also occasional causal reversals.money, inflation, cointegration, causality, decomposition, band spectra, wavelets

Intellectual Property Rights and the WTO: A Southern Perspective

1. Introduction 1.1. Forms of Intellectual Property Rights (IPR) The concept of intellectual property is far from being a recent one. Even in the times of the Middle Ages, merchants were often granted exclusive rights to inventions via « letters of patent ». In fact, the modern patent system may be traced directly back to a statute passed in Venice in 1474. The most common forms of IPRs, currently in vogue, are the following: patents; copyrights; trademarks; trade secrets and plant breeders r..

Intellectual Property Rights and the WTO: A Southern Perspective

1. Introduction 1.1. Forms of Intellectual Property Rights (IPR) The concept of intellectual property is far from being a recent one. Even in the times of the Middle Ages, merchants were often granted exclusive rights to inventions via « letters of patent ». In fact, the modern patent system may be traced directly back to a statute passed in Venice in 1474. The most common forms of IPRs, currently in vogue, are the following: patents; copyrights; trademarks; trade secrets and plant breeders r..

Intellectual Property Rights and the WTO: A Southern Perspective

1. Introduction 1.1. Forms of Intellectual Property Rights (IPR) The concept of intellectual property is far from being a recent one. Even in the times of the Middle Ages, merchants were often granted exclusive rights to inventions via « letters of patent ». In fact, the modern patent system may be traced directly back to a statute passed in Venice in 1474. The most common forms of IPRs, currently in vogue, are the following: patents; copyrights; trademarks; trade secrets and plant breeders r..

India's Financial Sector: The Regulatory and Supervisory Landscape

10.1111/j.1467-9701.2011.01383.xWorld Economy35132-4

The vanishing role of money in the macro-economy: An empirical investigation for India

The recent de-emphasizing of the role of "money" in both theoretical macroeconomics as well as in the practical conduct of monetary policy sits uneasily with the idea that inflation is a monetary phenomenon. Empirical evidence has, however, been accumulating pointing to an important leading indicator role for money and credit aggregates with respect to long term inflationary trends. Such a role could arise from monetary aggregates furnishing a nominal anchor for inflationary expectations, from their influence on the term structure of interest rates and from their affecting transaction costs in markets. Our paper attempts to assess the informational content role of money in the Indian economy by a separation of these effects across time scales and frequency bands, using the techniques of wavelet analysis and band spectral analysis respectively. Our results indicate variability of causal relations across frequency ranges and time scales, as also occasional causal reversals.Money Inflation Cointegration Causality Decomposition Wavelets

Instability of the velocity of money A new approach based on the evolutionary spectrum

SIGLEAvailable from British Library Document Supply Centre- DSC:3597.9512(CEPR-DP--735) / BLDSC - British Library Document Supply CentreGBUnited Kingdo