Direct Effects of Base Money on Aggregate Demand: Theory and Evidence

By Edward Nelson. 2000

205 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/dc880f5ff68a548bcf35185a55083d8cbc365b5c

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Citations in the corpus

The Future of Monetary Aggregates in Monetary Policy Analysis (2003, background): “Thus Svensson (1999a, p. 114) states that a “rational role for monetary aggregates” in an inflation-targeting framework is as indicators “whose usefulness exclusively depend[s] on their performance in predicting inflation.” To this end, he points to the evidence of Estrella and Mishkin (1997) that “”
The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap (2000, unknown): “Meltzer (1999d) and Nelson (1999) find some empirical support for a direct effect of real money on aggregate demand, in addition to the effect via the interest rate.”
Money's Role in the Monetary Business Cycle (2004, background): “As emphasized by Nelson (2000), larger and more complicated models may serve to highlight alternative channels through which changes in money affect the economy, and future research must explore this possibility.”
UK monetary policy 1972 -97: a guide using Taylor rules (2001, unknown): “Batini and Nelson (2000) present evidence that UK inflation and nominal interest rates are I(0) processes once one conditions on changes in monetary regime.”
Money in an Estimated Business Cycle Model of the Euro Area (2006, unknown): “that may be empirically relevant but that we do not consider here. Nelson (2002) discusses how”
Putting "M" Back in Monetary Policy (2003, unknown): “Nelson (2002) offers an alternative role for money.”
Money and the natural rate of interest: structural estimates for the United States and the Euro area (2007, unknown): “Nelson (2002) captures this idea by simply allowing for portfolio adjustment costs.”
Background studies for the ECB's evaluation of its monetary policy strategy (2003, background): “See also Nelson (2002b) and Meltzer (1999).”
An Estimated Stochastic Dynamic General Equilibrium Model of the Euro Area (2002, unknown): “Nelson (2000) and CEE (2001) consider costs in adjusting cash balances.”
Recent developments in understanding the demand for money (2004, background): “More than three decades ago, Poole (1970) showed that the certainty-equivalent outcomes of optimal monetary policies with either interest-rate or monetary instruments were identical.”
Macroeconomic Effects of Unconventional Monetary Policy in the Euro Area (2011, unknown): “Hence, to the extent that the nancial crisis can be 11This nding is in line with Nelson (2002), who nds that real monetary base growth is a signi cant determinant for economic activity in the UK and US, controlling for the short-term real interest rate.”