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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 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535334 |
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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