Does Transaction Velocity Of Money Work On Gdp An Empirical Study
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Does Transaction Velocity Of Money Work On Gdp An Empirical Study
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Author : Shuibo Sun
language : en
Publisher:
Release Date : 2005
Does Transaction Velocity Of Money Work On Gdp An Empirical Study written by Shuibo Sun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
The economy system is like that of human bodies. In human bodies, both the stock and the velocity of blood are very important. In the economy system, the stock of money and its velocity have the analogous positions. But in the development of the monetary economics, economists have devoted more efforts into the stock of money, while the velocity is put in a less important place and, moreover, most of studies, theoretically and empirically, treat the velocity of money as income velocity. Under this condition, money is considered as store of value. However actual velocity of money is not the income velocity, but the transaction velocity. In this paper, I present why actual velocity of money is transaction velocity and test if transaction velocity of money works on GDP. The paper has four parts: review of theories on monetary velocities, comments on theories discussed above, model and estimate and conclusion. In the first part, four famous representative economist's theories are presented. They are Fisher, Pigou, Keynes and Friedman. The strong- points and shortcomings of these theories on velocities are analized in the second part. This part also puts forward my views of velocities. The third part is model and estimate. In the single regression model, I adopt the transaction version of quantity theory popularized by Irving Fisher, but jump out of Fisher's theory framework to make a test that if transaction velocity of money works on GDP. The last part is a conclusion of the paper. I conclude that, in U.S.A., transaction velocity of money has a positive effect on nominal GDP and that further study on this field should be recovered and pushed forward.
Survey Of Literature On Demand For Money
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Author : Mr.Subramanian S. Sriram
language : en
Publisher: International Monetary Fund
Release Date : 1999-05-01
Survey Of Literature On Demand For Money written by Mr.Subramanian S. Sriram and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-05-01 with Business & Economics categories.
A stable money demand forms the cornerstone in formulating and conducting monetary policy. Consequently, numerous theoretical and empirical studies have been conducted in both industrial and developing countries to evaluate the determinants and the stability of the money demand function. This paper briefly reviews the theoretical work, tracing the contributions of several researchers beginning from the classical economists, and explains relevant empirical issues in modeling and estimating money demand functions. Notably, it summarizes the salient features of a number of recent studies that applied cointegration/error-correction models in the 1990s, and it features a bibliography to aid in research on demand for money.
The Shadow Economy
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Author : Friedrich Schneider
language : en
Publisher: Cambridge University Press
Release Date : 2013-02-14
The Shadow Economy written by Friedrich Schneider and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-14 with Business & Economics categories.
This book presents new data to give an overview of shadow economies from OECD countries and propose solutions to prevent illicit work.
Monetary Transmission Mechanism In The East African Community
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Author : Mr.Hamid Reza Davoodi
language : en
Publisher: International Monetary Fund
Release Date : 2013-02-06
Monetary Transmission Mechanism In The East African Community written by Mr.Hamid Reza Davoodi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-06 with Business & Economics categories.
Do changes in monetary policy affect inflation and output in the East African Community (EAC)? We find that (i) Monetary Transmission Mechanism (MTM) tends to be generally weak when using standard statistical inferences, but somewhat strong when using non-standard inference methods; (ii) when MTM is present, the precise transmission channels and their importance differ across countries; and (iii) reserve money and the policy rate, two frequently used instruments of monetary policy, sometimes move in directions that exert offsetting expansionary and contractionary effects on inflation—posing challenges to harmonization of monetary policies across the EAC and transition to a future East African Monetary Union. The paper offers some suggestions for strengthening the MTM in the EAC.
Some Alternative Monetary Facts
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Author : Mr.Peter Stella
language : en
Publisher: International Monetary Fund
Release Date : 2021-01-08
Some Alternative Monetary Facts written by Mr.Peter Stella and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-08 with Business & Economics categories.
In this paper, we discuss the modern history of monetarism and its alternatives, as well as the changing empirical relationship of various measures of money and inflation. After demonstrating that previous naïve correlations between money and inflation as established in the 20th century literature have largely disappeared, we explain why this cannot be taken as support for an increased reliance on permanent monetary finance. Rather, we argue that rapid technological innovation in payments systems—both public and private—including in global pledged collateral markets, portends a declining demand for central bank liabilities.
Macroeconomic Implications Of Money Laundering
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Author : Peter J. Quirk
language : en
Publisher:
Release Date : 1966
Macroeconomic Implications Of Money Laundering written by Peter J. Quirk and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1966 with categories.
The Chicago Plan Revisited
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Author : Mr.Jaromir Benes
language : en
Publisher: International Monetary Fund
Release Date : 2012-08-01
The Chicago Plan Revisited written by Mr.Jaromir Benes and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-01 with Business & Economics categories.
At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
The Informal Economy In Sub Saharan Africa
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Author : Leandro Medina
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-10
The Informal Economy In Sub Saharan Africa written by Leandro Medina and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-10 with Business & Economics categories.
The multiple indicator-multiple cause (MIMIC) method is a well-established tool for measuring informal economic activity. However, it has been criticized because GDP is used both as a cause and indicator variable. To address this issue, this paper applies for the first time the light intensity approach (instead of GDP). It also uses the Predictive Mean Matching (PMM) method to estimate the size of the informal economy for Sub-Saharan African countries over 24 years. Results suggest that informal economy in Sub-Saharan Africa remains among the largest in the world, although this share has been very gradually declining. It also finds significant heterogeneity, with informality ranging from a low of 20 to 25 percent in Mauritius, South Africa and Namibia to a high of 50 to 65 percent in Benin, Tanzania and Nigeria.
The Ecb S Monetary Analysis Revisited
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Author : Helge Berger
language : en
Publisher: International Monetary Fund
Release Date : 2008-07
The Ecb S Monetary Analysis Revisited written by Helge Berger and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-07 with Business & Economics categories.
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.
Shadow Economies Around The World What Did We Learn Over The Last 20 Years
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Author : Leandro Medina
language : en
Publisher: International Monetary Fund
Release Date : 2018-01-25
Shadow Economies Around The World What Did We Learn Over The Last 20 Years written by Leandro Medina and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-25 with Business & Economics categories.
We undertake an extended discussion of the latest developments about the existing and new estimation methods of the shadow economy. New results on the shadow economy for 158 countries all over the world are presented over 1991 to 2015. Strengths and weaknesses of these methods are assessed and a critical comparison and evaluation of the methods is carried out. The average size of the shadow economy of the 158 countries over 1991 to 2015 is 31.9 percent. The largest ones are Zimbabwe with 60.6 percent, and Bolivia with 62.3 percent of GDP. The lowest ones are Austria with 8.9 percent, and Switzerland with 7.2 percent. The new methods, especially the new macro method, Currency Demand Approach (CDA) and Multiple Indicators Multiple Causes (MIMIC) in a structured hybrid-model based estimation procedure, are promising approaches from an econometric standpoint, alongside some new micro estimates. These estimations come quite close to others used by statistical offices or based on surveys.