Money, Price Level and Output in the Chinese Macro Economy

The Price Level, the Quantity Theory of Money, and the Fiscal Theory of the Price Level

This paper examines price level determination from the perspective of portfolio choice. Arbitrages among money balances, bonds, and investment goods determine their relative demands. Returns to real balance holdings and after-tax returns to investment goods determine the relative values of nominal and real assets. Because expectations of government policies ultimately determine the expected ret...

Oil Price Uncertainty in the Iranian Economy

T he relationship between the price of oil and the level of economic activity is a fundamental empirical issue in macroeconomics. In this research, by using a multivariate GARCH-in-Mean VAR, we try to investigate direct effects of uncertainty of oil price on macroeconomics of Iran by using annually data from 1965 to 2013.Results show that uncertainty about oil prices had a negative a...

Politics and the Macro Economy

Econometric Analysis of Money , Price Expectations and Debt in the U . S . A . Economy

This paper presents the empirical results of an econometric investigation of the demand and supply of real money with Livingston‟s price expectations and real Federal debt in the U.S.A. economy as a Vector Auto-Regressions System with subsequent „Hendryfication‟. This allows the study to focus on a partial equilibrium model of the money market that pinpoints the crucial variables of fiscal and ...

Money and Price Dispersion

We relax restrictions on the storage technology in a prototypical monetary search model to study price dispersion. When multiple units of currency can be stored, buyers and sellers enter matches with potentially different willingness to buy or sell. Across the distribution of possible bilateral matches, prices will generally differ even though agents have identical preferences and technologies....