Arbeitspapier
Money and inflation: Lessons from the US for ECB monetary policy
We turn our attention to the role of money for determining nominal magnitudes. Using US data, we find that the aggregate 'nominal output plus and stock market capitalisation' is closely related to the money stock, lending support to one of Milton Friedman's key monetarist propositions. This finding should be particularly important for ECB monetary policy: an inflation-free euro plays a crucial role for European economic and political integration. We conclude that monetary policy must keep a very close eye on money supply if it wants to prevent consumer and/or asset price inflation.
- Language
-
Englisch
- Bibliographic citation
-
Series: ROME Discussion Paper Series ; No. 07-02
- Classification
-
Wirtschaft
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Monetary Policy
Asset Pricing; Trading Volume; Bond Interest Rates
- Subject
-
Money
asset price inflation
monetary policy
- Event
-
Geistige Schöpfung
- (who)
-
Belke, Ansgar
Polleit, Thorsten
- Event
-
Veröffentlichung
- (who)
-
Research On Money in the Economy (ROME)
- (where)
-
s.l.
- (when)
-
2007
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Belke, Ansgar
- Polleit, Thorsten
- Research On Money in the Economy (ROME)
Time of origin
- 2007
Other Objects (12)
Money and inflation: Lessons from the USA for ECB monetary policy
Towards a genuine economic and monetary Union-comments on a roadmap
Forecasting ECB policy rates with different monetary policy rules
Forecasting ECB policy rates with different monetary policy rules
ECB bond purchases and quasi-fiscal activities
Helicopter Money: Should Central Banks Rain Money from the Sky?
Finance Access of SMEs: What Role for the ECB?
Finance access of SMEs: What role for the ECB?
Asymmetries in the trans-atlantic monetary policy relationship : does the ECB follow the Fed?
Driven by the markets? ECB sovereign bond purchases and the securities markets programme
Driven by the markets? ECB sovereign bond purchases and the securities markets programme
Driven by the markets? ECB sovereign bond purchases and the securities market programme
Money and inflation: Lessons from the USA for ECB monetary policy
Towards a genuine economic and monetary Union-comments on a roadmap
Forecasting ECB policy rates with different monetary policy rules
Forecasting ECB policy rates with different monetary policy rules
ECB bond purchases and quasi-fiscal activities
Helicopter Money: Should Central Banks Rain Money from the Sky?
Finance Access of SMEs: What Role for the ECB?
Finance access of SMEs: What role for the ECB?
Asymmetries in the trans-atlantic monetary policy relationship : does the ECB follow the Fed?
Driven by the markets? ECB sovereign bond purchases and the securities markets programme
Driven by the markets? ECB sovereign bond purchases and the securities markets programme
Driven by the markets? ECB sovereign bond purchases and the securities market programme
Money and inflation: Lessons from the USA for ECB monetary policy
Towards a genuine economic and monetary Union-comments on a roadmap
Forecasting ECB policy rates with different monetary policy rules
Forecasting ECB policy rates with different monetary policy rules
ECB bond purchases and quasi-fiscal activities
Helicopter Money: Should Central Banks Rain Money from the Sky?
Finance Access of SMEs: What Role for the ECB?
Finance access of SMEs: What role for the ECB?
Asymmetries in the trans-atlantic monetary policy relationship : does the ECB follow the Fed?
Driven by the markets? ECB sovereign bond purchases and the securities markets programme
Driven by the markets? ECB sovereign bond purchases and the securities markets programme