How justified is abandoning money in the conduct of monetary policy in Australia on the grounds of instability in the money‐demand function?
Author
Abstract
Suggested Citation
DOI: 10.1111/ecno.12131
Download full text from publisher
References listed on IDEAS
- M. Hashem Pesaran & Ron P. Smith, 1998.
"Structural Analysis of Cointegrating VARs,"
Journal of Economic Surveys, Wiley Blackwell, vol. 12(5), pages 471-505, December.
- Pesaran, M. H. & Smith, Ron P., 1998. "Structural Analysis of Cointegrating VARs," Cambridge Working Papers in Economics 9811, Faculty of Economics, University of Cambridge.
- Engle, Robert & Granger, Clive, 2015.
"Co-integration and error correction: Representation, estimation, and testing,"
Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 39(3), pages 106-135.
- Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-276, March.
- M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
- David F. Hendry & Katarina Juselius, 2001.
"Explaining Cointegration Analysis: Part II,"
The Energy Journal, , vol. 22(1), pages 75-120, January.
- David F. Hendry & Katarina Juselius, 2000. "Explaining Cointegration Analysis: Part 1," The Energy Journal, , vol. 21(1), pages 1-42, January.
- David F. Hendry & Katarina Juselius, 2001. "Explaining Cointegration Analysis: Part II," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 75-120.
- David F. Hendry & Katarina Juselius, 2000. "Explaining Cointegration Analysis: Part 1," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 1-42.
- Katarina Juselius & David F. Hendry, 2000. "Explaining Cointegration Analysis: Part II," Discussion Papers 00-20, University of Copenhagen. Department of Economics.
- repec:bla:ecorec:v:65:y:1989:i:188:p:1-15 is not listed on IDEAS
- Edward Nelson, 2008.
"Why Money Growth Determines Inflation in the Long Run: Answering the Woodford Critique,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(8), pages 1791-1814, December.
- Edward Nelson, 2008. "Why Money Growth Determines Inflation in the Long Run: Answering the Woodford Critique," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(8), pages 1791-1814, December.
- Edward Nelson, 2008. "Why money growth determines inflation in the long run: answering the Woodford critique," Working Papers 2008-013, Federal Reserve Bank of St. Louis.
- Nelson, Edward & Schwartz, Anna J., 2008.
"The impact of Milton Friedman on modern monetary economics: Setting the record straight on Paul Krugman's "Who was Milton Friedman?","
Journal of Monetary Economics, Elsevier, vol. 55(4), pages 835-856, May.
- Edward Nelson & Anna J. Schwartz, 2007. "The Impact of Milton Friedman on Modern Monetary Economics: Setting the Record Straight on Paul Krugman's "Who Was Milton Friedman?"," NBER Working Papers 13546, National Bureau of Economic Research, Inc.
- Edward Nelson & Anna J. Schwartz, 2008. "The impact of Milton Friedman on modern monetary economics: setting the record straight on Paul Krugman’s 'Who Was Milton Friedman?," Working Papers 2007-048, Federal Reserve Bank of St. Louis.
- Nelson, Edward & Schwartz, Anna J., 2008. "Rejoinder to Paul Krugman," Journal of Monetary Economics, Elsevier, vol. 55(4), pages 861-862, May.
- Pesaran, M. Hashem & Shin, Yongcheol, 1996.
"Cointegration and speed of convergence to equilibrium,"
Journal of Econometrics, Elsevier, vol. 71(1-2), pages 117-143.
- Pesaran, M.H. & Shin, Y., 1993. "Cointegration and Speed of Convergence to Equilibrium," Cambridge Working Papers in Economics 9311, Faculty of Economics, University of Cambridge.
- McCallum, Bennett T. & Nelson, Edward, 2010.
"Money and Inflation: Some Critical Issues,"
Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 3, pages 97-153,
Elsevier.
- Bennett T. McCallum & Edward Nelson, 2010. "Money and inflation: some critical issues," Finance and Economics Discussion Series 2010-57, Board of Governors of the Federal Reserve System (U.S.).
- Akhand Akhtar Hossain, 2015. "The Evolution of Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 14611.
- repec:bla:econom:v:53:y:1986:i:210(s):p:s53-74 is not listed on IDEAS
- Bennett T. McCallum, 2000.
"Theoretical analysis regarding a zero lower bound on nominal interest rates,"
Conference Series ; [Proceedings], Federal Reserve Bank of Boston, pages 870-935.
- McCallum, Bennett T, 2000. "Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 32(4), pages 870-904, November.
- Bennett T. McCallum, 2000. "Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates," NBER Working Papers 7677, National Bureau of Economic Research, Inc.
- Eric M. Leeper & Jennifer E. Roush, 2003.
"Putting \\"M\\" back in monetary policy,"
Proceedings, Federal Reserve Bank of Cleveland, pages 1217-1264.
- Eric M. Leeper & Jennifer E. Roush, 2003. "Putting \"M\" back in monetary policy," International Finance Discussion Papers 761, Board of Governors of the Federal Reserve System (U.S.).
- Orphanides, Athanasios, 2003.
"The quest for prosperity without inflation,"
Journal of Monetary Economics, Elsevier, vol. 50(3), pages 633-663, April.
- Orphanides, Athanasios, 1999. "The Quest for Prosperity Without Inflation," Working Paper Series 93, Sveriges Riksbank (Central Bank of Sweden).
- Orphanides, Athanasios, 2000. "The quest for prosperity without inflation," Working Paper Series 15, European Central Bank.
- J.W. Nevile, 1983. "The Links Between Wages, Inflation, And Unemployment," Economic Papers, The Economic Society of Australia, vol. 2(2), pages 28-33, August.
- Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
- Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
- Barnett, William A., 2012.
"Getting it Wrong: How Faulty Monetary Statistics Undermine the Fed, the Financial System, and the Economy,"
MIT Press Books,
The MIT Press,
edition 1, volume 1, number 0262516888, April.
- Barnett, William A., 2012. "Getting it Wrong: How Faulty Monetary Statistics Undermine the Fed, the Financial System, and the Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262016915, April.
- E. A. Boehm, 1984. "Money Wages, Consumer Prices, and Causality in Australia," The Economic Record, The Economic Society of Australia, vol. 60(3), pages 236-251, September.
- M. Hashem Pesaran & Ron P. Smith, 1998.
"Structural Analysis of Cointegrating VARs,"
Journal of Economic Surveys, Wiley Blackwell, vol. 12(5), pages 471-505, December.
- Pesaran, M Hashem & Smith, Ron P, 1998. "Structural Analysis of Cointegrating VARs," Journal of Economic Surveys, Wiley Blackwell, vol. 12(5), pages 471-505, December.
- Pesaran, M. H. & Smith, Ron P., 1998. "Structural Analysis of Cointegrating VARs," Cambridge Working Papers in Economics 9811, Faculty of Economics, University of Cambridge.
- Michael T. Belongia & Peter N. Ireland, 2015.
"Interest Rates and Money in the Measurement of Monetary Policy,"
Journal of Business & Economic Statistics, Taylor & Francis Journals, vol. 33(2), pages 255-269, April.
- Michael T. Belongia & Peter N. Ireland, 2014. "Interest Rates and Money in the Measurement of Monetary Policy," NBER Working Papers 20134, National Bureau of Economic Research, Inc.
- Ernst A. Boehm & Vance L. Martin, 1989. "An Investigation into the Major Causes 01 Australia's Recent Inflation and Some Policy Implications," The Economic Record, The Economic Society of Australia, vol. 65(1), pages 1-15, March.
- Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
- J. w. Nevile, 1975. "Fiscal Policy And Inflation," Economic Papers, The Economic Society of Australia, vol. 1(50), pages 5-14, December.
- repec:bla:ecorec:v:60:y:1984:i:170:p:236-51 is not listed on IDEAS
- Akhtar Hossain, 1991. "Trade Unions And Inflation: The Case Of Australia," Economic Papers, The Economic Society of Australia, vol. 10(2), pages 60-68, June.
- Eric M. Leeper & Jennifer E. Roush, 2003.
"Putting \"M\" back in monetary policy,"
International Finance Discussion Papers
761, Board of Governors of the Federal Reserve System (U.S.).
- Eric M. Leeper & Jennifer E. Roush, 2003. "Putting 'M' back in Monetary Policy," NBER Working Papers 9552, National Bureau of Economic Research, Inc.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Maciej Ryczkowski, 2021. "Money and inflation in inflation-targeting regimes – new evidence from time–frequency analysis," Journal of Applied Economics, Taylor & Francis Journals, vol. 24(1), pages 17-44, January.
- Fakhri J. Hasanov & Moayad H. Al Rasasi & Salah S. Alsayaary & Ziyadh Alfawzan, 2022. "Money demand under a fixed exchange rate regime: the case of Saudi Arabia," Journal of Applied Economics, Taylor & Francis Journals, vol. 25(1), pages 385-411, December.
- Hossain, Akhand Akhtar & Arwatchanakarn, Popkarn, 2020. "The effect of economic uncertainty on narrow money demand and its stability in New Zealand: An empirical investigation," Economic Analysis and Policy, Elsevier, vol. 68(C), pages 88-100.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Akhand Akhtar Hossain, 2019. "Does money have a role in the inflation process? Evidence from Australia," Australian Economic Papers, Wiley Blackwell, vol. 58(2), pages 113-129, June.
- Akhand Akhtar Hossain, 2015. "The Evolution of Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 14611.
- Barnett, William A. & Ghosh, Taniya & Adil, Masudul Hasan, 2022.
"Is money demand really unstable? Evidence from Divisia monetary aggregates,"
Economic Analysis and Policy, Elsevier, vol. 74(C), pages 606-622.
- William A. Barnett & Taniya Ghosh & Masudul Hasan Adil, 2021. "Is money demand really unstable? Evidence from divisia monetary aggregates," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2021-005, Indira Gandhi Institute of Development Research, Mumbai, India.
- William A. Barnett & Taniya Ghosh & Masudul Hasan Adil, 2022. "Is Money Demand Really Unstable? Evidence from Divisia Monetary Aggregates," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 202204, University of Kansas, Department of Economics.
- Barnett, William A. & Ghosh, Taniya & Adil, Masudul Hasan, 2022. "Is money demand really unstable? Evidence from Divisia monetary aggregates," MPRA Paper 111762, University Library of Munich, Germany.
- Sulaiman, Saidu & Masih, Mansur, 2017. "Is liberalizing finance the game in town for Nigeria ?," MPRA Paper 95569, University Library of Munich, Germany.
- Michael T. Belongia & Peter N. Ireland, 2016.
"Money and Output: Friedman and Schwartz Revisited,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(6), pages 1223-1266, September.
- Michael T. Belongia & Peter N. Ireland, 2015. "Money and Output: Friedman and Schwartz Revisited," NBER Working Papers 21796, National Bureau of Economic Research, Inc.
- Rıza BAYRAK & Halim TATLI, 2016. "Short and long term analysis of some factors effecting youth unemployment in Turkey," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(608), A), pages 229-242, Autumn.
- Chen, George S. & Yao, Yao & Malizard, Julien, 2017.
"Does foreign direct investment crowd in or crowd out private domestic investment in China? The effect of entry mode,"
Economic Modelling, Elsevier, vol. 61(C), pages 409-419.
- G.S. Chen & Y. Yao & Julien Malizard, 2017. "Does foreign direct investment crowd in or crowd out private domestic investment in China? The effect of entry mode," Post-Print hal-03124847, HAL.
- Belongia, Michael T. & Ireland, Peter N., 2019.
"The demand for Divisia Money: Theory and evidence,"
Journal of Macroeconomics, Elsevier, vol. 61(C), pages 1-1.
- Michael T. Belongia & Peter N. Ireland, 2017. "The Demand for Divisia Money: Theory and Evidence," Boston College Working Papers in Economics 937, Boston College Department of Economics.
- Akhand Akhtar Hossain, 2008. "Rural Labour Market Developments, Agricultural Productivity, and Real Wages in Bangladesh, 1950–2006," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 47(1), pages 89-114.
- Rıza BAYRAK & Halim TATLI, 2016. "Short and long term analysis of some factors effecting youth unemployment in Turkey," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(3(608), A), pages 229-242, Autumn.
- Brittle, Shane, 2009. "Ricardian Equivalence and the Efficacy of Fiscal Policy in Australia," Economics Working Papers wp09-10, School of Economics, University of Wollongong, NSW, Australia.
- Ledenyov, Dimitri O. & Ledenyov, Viktor O., 2015. "Wave function method to forecast foreign currencies exchange rates at ultra high frequency electronic trading in foreign currencies exchange markets," MPRA Paper 67470, University Library of Munich, Germany.
- Özgür Özaydın* & H. Alper Güzel, 2019. "Oil Consumption and Economic Growth in Turkey: An ARDL Bounds Test Approach in the Presence of Structural Breaks," Business, Management and Economics Research, Academic Research Publishing Group, vol. 5(6), pages 77-85, 06-2019.
- Bukhari, Naseem & Masih, Mansur, 2016. "An empirical investigation of causal linkages between domestic terrorism and macroeconomic variables: a case for Pakistan," MPRA Paper 69768, University Library of Munich, Germany.
- Ben Jebli, Mehdi & Ben Youssef, Slim, 2015.
"The environmental Kuznets curve, economic growth, renewable and non-renewable energy, and trade in Tunisia,"
Renewable and Sustainable Energy Reviews, Elsevier, vol. 47(C), pages 173-185.
- Ben Jebli, Mehdi & Ben Youssef, Slim, 2013. "The environmental Kuznets curve, economic growth, renewable and non-renewable energy, and trade in Tunisia," MPRA Paper 52127, University Library of Munich, Germany.
- Ben Jebli, Mehdi & Ben Youssef, Slim, 2015. "The environmental Kuznets curve, economic growth, renewable and non-renewable energy, and trade in Tunisia," MPRA Paper 61282, University Library of Munich, Germany.
- Bardsen, Gunnar & Eitrheim, Oyvind & Jansen, Eilev S. & Nymoen, Ragnar, 2005. "The Econometrics of Macroeconomic Modelling," OUP Catalogue, Oxford University Press, number 9780199246502.
- John W. Keating & Logan J. Kelly & A. Lee Smith & Victor J. Valcarcel, 2019. "A Model of Monetary Policy Shocks for Financial Crises and Normal Conditions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(1), pages 227-259, February.
- Michael T. Belongia & Peter N. Ireland, 2021.
"A Classical View of the Business Cycle,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(2-3), pages 333-366, March.
- Michael T. Belongia & Peter N. Ireland, 2016. "A Classical View of the Business Cycle," Boston College Working Papers in Economics 921, Boston College Department of Economics.
- Michael T. Belongia & Peter N. Ireland, 2019. "A Classical View of the Business Cycle," NBER Working Papers 26056, National Bureau of Economic Research, Inc.
- Constantinos Alexiou & Joseph G. Nellis, 2017. "Cyclical Multiplier and Zero Low Bound Effects of Government Expenditure on Economic Growth: Evidence for Greece," Australian Economic Papers, Wiley Blackwell, vol. 56(2), pages 119-133, June.
- Ben Jebli, Mehdi & Ben Youssef, Slim & Apergis, Nicholas, 2014. "The dynamic interaction between combustible renewables and waste consumption and international tourism: The case of Tunisia," MPRA Paper 59827, University Library of Munich, Germany.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ecnote:v:48:y:2019:i:2:n:e12131. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0391-5026 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.