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NEUTRALITY OF MONETARY POLICY IN A GROWING ECONOMY
Title
THE NEUTRALITY OF MONETARY POLICY IN A GROWING ECONOMY.
Creator
KOLTSIDOPOULOS, PANAGIOTIS THEODOROS., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
Abstract/Description
In economic theory, the question has regularly arisen as to how far the growth rate of the money supply and the rate of inflation could influence the development of the economy in the long run. This concentrates basically to the question whether money - dynamically considered - is neutral or not. We intend to review in this study the present state of monetary theory as it appears from the literature. We shall be focusing on the question whether money maintains the feature of neutrality in a...
Show moreIn economic theory, the question has regularly arisen as to how far the growth rate of the money supply and the rate of inflation could influence the development of the economy in the long run. This concentrates basically to the question whether money - dynamically considered - is neutral or not. We intend to review in this study the present state of monetary theory as it appears from the literature. We shall be focusing on the question whether money maintains the feature of neutrality in a framework of growth theory.
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Date Issued
1980
PURL
http://purl.flvc.org/fcla/dt/14039
Subject Headings
Monetary policy
Format
Document (PDF)
THEORETICAL AND EMPIRICAL ASSESSMENT OF ALTERNATIVE MONETARY CONTROL PROCEDURES IN THE UNITED STATES
Title
A THEORETICAL AND EMPIRICAL ASSESSMENT OF ALTERNATIVE MONETARY CONTROL PROCEDURES IN THE UNITED STATES.
Creator
WHITE, MARILYN., Florida Atlantic University, Manage, Neela D., College of Business, Department of Economics
Abstract/Description
This thesis theoretically and empirically analyzes the effectiveness of alternative monetary control procedures in the United States in recent years. The overall strategy of monetary policy is described and the implications of the federal funds rate and non-borrowed reserves targeting procedures for interest rate volatility and money demand stability are discussed. Tests of linear restrictions using dummy variable specifications as well as ex post forecasts suggest that there has been a...
Show moreThis thesis theoretically and empirically analyzes the effectiveness of alternative monetary control procedures in the United States in recent years. The overall strategy of monetary policy is described and the implications of the federal funds rate and non-borrowed reserves targeting procedures for interest rate volatility and money demand stability are discussed. Tests of linear restrictions using dummy variable specifications as well as ex post forecasts suggest that there has been a change in the interest elasticity as well as the intercept of the money demand function in 1979. The empirical specifications examined in this study use a partial-adjustment model and employ appropriate econometric techniques to obtain consistent and efficient coefficient estimates. Finally a reduced-form model of the money market is used to compare out-of-sample forecasts from alternative operating procedures.
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Date Issued
1985
PURL
http://purl.flvc.org/fcla/dt/14238
Subject Headings
Monetary policy, Money--United States
Format
Document (PDF)
STABILIZATION POLICIES IN AN OPEN ECONOMY UNDER ALTERNATIVE EXCHANGE RATE AND WAGE RATE CONDITIONS
Title
STABILIZATION POLICIES IN AN OPEN ECONOMY UNDER ALTERNATIVE EXCHANGE RATE AND WAGE RATE CONDITIONS.
Creator
HORN, KLAUS-PETER., Florida Atlantic University, Redman, Milton, College of Business, Department of Economics
Abstract/Description
This thesis examines how the various instruments of monetary and fiscal policy work in the presence of fixed and flexible exchange rates. Based on the pioneering work of Mundell and Fleming, the traditional view assigns fiscal policy as being highly suitable for a fixed exchange rate regime, while stimulative monetary policy is effective in raising output under floating exchange rates. Once the implicit assumptions of constant prices and wages are relaxed, the conclusions of the original...
Show moreThis thesis examines how the various instruments of monetary and fiscal policy work in the presence of fixed and flexible exchange rates. Based on the pioneering work of Mundell and Fleming, the traditional view assigns fiscal policy as being highly suitable for a fixed exchange rate regime, while stimulative monetary policy is effective in raising output under floating exchange rates. Once the implicit assumptions of constant prices and wages are relaxed, the conclusions of the original model no longer hold. With the introduction of wage indexation as a mean to adjust nominal wages to changes in the price level, the initial results of policies of the Mundell-Fleming type are reversed. Finally, it was examined how the practical implications of policy actions of the United States and West Germany could be applied to the theoretical models.
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Date Issued
1987
PURL
http://purl.flvc.org/fcla/dt/14386
Subject Headings
Monetary policy, Fiscal policy
Format
Document (PDF)