The paper analyses the practical experience of monetary analysis at the ECB since its beginning. The analysis is based on both a narrative description of the internal briefing and a quantitative evaluation of the forecast exercise. We exploit a rich data basis containing the vintages of data and models over the period in order to evaluate the role of money in the input and the output of monetar...

In this paper, we consider estimation of a time-varying parameter model for a forwardlooking monetary policy rule, by employing ex-post data. A Heckman-type (1976) two-step procedure is employed in order to deal with endogeneity in the regressors. This allows us to econometrically take into account changing degrees of uncertainty associated with the Fed's forecasts of future in°ation and GDP ga...

A large empirical literature has examined the transmission mechanism of structural shocks in great detail. The possible role played by changes in the volatility of shocks has largely been overlooked in vector autoregression based applications. This paper proposes an extended vector autoregression where the volatility of structural shocks is allowed to be time-varying and to have a direct impact...

The wave of private capital flows toward developing countries in the early 1990s resembles to a great extent the earlier episode of the late 1970s. Despite some important differences in inflow composition, both episodes were characterized by a high concentration of flows in a relatively small number of countries, mainly in Latin America and East Asia. Also, both episodes ended in a major financ...

the main hypothesis in this paper is that sahebe javaher is be wrong related to exact calculating of surplus of blood money to the difference sexuality (male, femal , hermaphrodite). in this paper which written on descriptive- analytic, the author in first time criticize on sahebe javaher view point about to participate in killing of on muslim person regarding to circumstances of calculation of...

based on the “aggregate demand” theory, monetary policies are designed with the aim of achieving desirable level of macroeconomic goals through affecting the stock of money supplyand income velocity of money. thus, the velocity (v)-as well as money supply - has significant impact, particularly on rate of inflation through expansionary or contractionary monetary policy. to focus on the velocity ...

Abstract: The one-stage credit policy is a situation that arises, under a permissible delay in payments, when the supplier offers a credit period to the retailer, but the latter does not offer any credit period to his/her customers. However, this type of credit policy is debatable in most business transactions. In reality, the retailer also adopts the credit policy to stimulate his/her own dema...

Search models of monetary exchange have typically relied on Nash (1950) bargaining, or strategic games that yield an equivalent outcome, to determine the terms of trade. By considering alternative axiomatic bargaining solutions in a simple search model with divisible money, we show how this choice matters for important results such as the ability of the optimal monetary policy to generate an ef...

The members of these two organizations play an instrumental role in ensuring the efficient functioning of North America’s financial markets and, from a central bank perspective, the efficient transmission of monetary policy. You are, therefore, among the Bank of Canada’s key target audiences. We rely on the effective two-way flow of information between the Bank and financial markets in order to...

Contemporary research on investment behaviour in Islamic perspective, most of the time, finds it expedient to assume zero rate of time preference in an Islamic economy. The author argues that there is no justification for that. According to him, there is nothing against positive time preference or against realizing a time value of money in an Islamic framework, as long as time value of money is...