Resolving The Liquidity Puzzle
AbstractThis paper considers a nonborrowed-monetary-base VAR and a targetsand instrument framework favored by the monetarists to resolve thepuzzles thrown up by monetary VAR studies. The results show thatnonborrowed-monetary-base shocks produce responses consistent with apriori expectations about the effects of monetary policy on interestrates, prices, and output.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal Macroeconomic Dynamics.
Volume (Year): 1 (1997)
Issue (Month): 04 (December)
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Other versions of this item:
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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- Antonis Michis, 2011. "Multiscale Analysis of the Liquidity Effect," Working Papers 2011-5, Central Bank of Cyprus.
- Logan Kelly & William Barnett & John Keating, 2010.
"Rethinking the Liquidity Puzzle: Application of a New Measure of the Economic Money Stock,"
Working Papers in Economics and Finance
1001, UWRF - Center for Economic Research, College of Business and Economics, University of Wisconsin - River Falls.
- Kelly, Logan J. & Barnett, William A. & Keating, John W., 2011. "Rethinking the liquidity puzzle: Application of a new measure of the economic money stock," Journal of Banking & Finance, Elsevier, vol. 35(4), pages 768-774, April.
- William Barnett & Logan Kelly & John Keating, 2010. "Rethinking the Liquidity Puzzle: Application of a New Measure of the Economic Money Stock," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 201002, University of Kansas, Department of Economics, revised Apr 2010.
- Kelly, Logan & Barnett, William A. & Keating, John W., 2010. "Rethinking the Liquidity Puzzle: Application of a New Measure of the Economic Money Stock," MPRA Paper 22085, University Library of Munich, Germany.
- Kelly, Logan & Barnett, William A. & Keating, John, 2010. "Rethinking the liquidity puzzle: application of a new measure of the economic money stock," MPRA Paper 22087, University Library of Munich, Germany.
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