haku: @author Nautz, D. / yhteensä: 8
viite: 7 / 8
| Tekijä: | Brueggemann, I. Nautz, D. |
| Otsikko: | Money growth volatility and the demand for money in Germany: Friedman's volatility hypothesis revisited |
| Lehti: | Weltwirtschaftliches Archiv
1997 : VOL. 133:3, p. 523-537 |
| Asiasana: | MONEY GROWTH GERMANY |
| Kieli: | eng |
| Tiivistelmä: | This paper reexamines the relation between money growth volatility, income velocity, and the demand for money for the unified Germany. The authors follow the approach of former studies and use the Granger-causality method to test the general hypothesis that money supply volatility, conventionally proxied by a moving standard deviation of money growth, causes income velocity to change. Since changes in velocity may result from a number of factors acting simultaneously, conclusions solely based on bivariate causality tests could be misleading. The authors therefore reexamine the role of money growth volatility within the more general framework of a money demand function that controls the influence of other relevant factors like interest rates and prices. |
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