| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP6495
|
| DP6495 Liquidity Constraints and Entrepreneurial Performance |
| Hans K. Hvide; Jarle Møen
|
| 发表日期 | 2007-09-28
|
| 出版年 | 2007
|
| 语种 | 英语
|
| 摘要 | Arguments for a prominent role for attention to the growth rate of monetary aggregates in the conduct of monetary policy are often based on references to low-frequency reduced-form relationships between money growth and inflation. The 'two-pillar Phillips curve' proposed by Gerlach (2004) has recently attracted a great deal of interest in the euro area, where it is sometimes supposed to provide empirical support for the wisdom of a 'two-pillar strategy' that uses distinct analytical frameworks to assess shorter-run and longer-run risks to price stability. I show, however, that regression coefficients of the kind reported by Assenmacher-Wesche and Gerlach (2006a) among others are quite consistent with a 'new Keynesian' model of inflation determination, in which the quantity of money plays no role in inflation determination, at either high or low frequencies. I also show that empirical results of this kind do not in themselves establish that money growth must be useful in forecasting inflation, either in the short run or over a longer run. Hence they provide little support for the ECB's monetary 'pillar'. |
| 主题 | International Macroeconomics
|
| 关键词 | Band-pass regression
Ecb monetary policy strategy
Monetarism
|
| URL | https://cepr.org/publications/dp6495
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535334
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推荐引用方式
GB/T 7714 |
Hans K. Hvide,Jarle Møen. DP6495 Liquidity Constraints and Entrepreneurial Performance. 2007.
|
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