Arbeitspapier
Money, prices and liquidity effects: Separating demand from supply
In the canonical monetary policy model, money is endogenous to the optimal path for interest rates and output. But when liquidity provision by banks dominates the demand for transactions money from the real economy, money is likely to contain information for future output and inflation because of its impact on financial spreads. And so we decompose broad money into primitive demand and supply shocks. We find that supply shocks have dominated the time series in both the UK and the US in the short to medium term. We further consider to what extent the supply of broad money is related to policy or to liquidity effects from financial intermediation.
- Language
-
Englisch
- Bibliographic citation
-
Series: Department of Economics Discussion Paper ; No. 08,17
- Classification
-
Wirtschaft
Business Fluctuations; Cycles
Current Account Adjustment; Short-term Capital Movements
Open Economy Macroeconomics
- Subject
-
money
prices
Bayesian VAR identification
sign restrictions
Geldtheorie
Geldangebot
Geldnachfrage
Transaktionskosten
Inflationserwartung
VAR-Modell
Großbritannien
USA
- Event
-
Geistige Schöpfung
- (who)
-
Chadha, Jagjit S.
Corrado, Luisa
Sun, Qi
- Event
-
Veröffentlichung
- (who)
-
University of Kent, Department of Economics
- (where)
-
Canterbury
- (when)
-
2008
- Handle
- Last update
-
10.03.2025, 11:45 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
- Chadha, Jagjit S.
- Corrado, Luisa
- Sun, Qi
- University of Kent, Department of Economics
Time of origin
- 2008
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