Search results for " Money"
showing 10 items of 75 documents
The P* model and its performance for the Spanish economy
2000
The performance of the P∗ model is tested as an inflation forecaster for the Spanish economy. It is shown that log-run relationships work as expected according to the model and the Quantitative Theory of Money. The Error Correction Model constructed by using the gap between actual prices and the long-term equilibrium price level as an error correction term, offers a consistent explanation for the short-run dynamics in prices. On the other hand, the P∗ approach shows a forecasting ability similar to that presented for other countries in several studies, although the degree of accuracy in the prediction is not specially satisfactory, mainly for the period 1989:3- 1992:3, when the credibility …
Unconventional monetary policy reaction functions: evidence from the US
2020
Abstract We specify unconventional monetary policy reaction functions for the Fed using linear and nonlinear econometric frameworks. We find that nonstandard policy measures are largely driven by the dynamics of inflation and the output gap, with the effect being particularly strong during QE rounds. Moreover, we uncover the presence of asymmetry and regime dependence in central bank’s actions since the global financial crisis, especially concerning the response of the term spread and the shadow short rate to the growth rate of central bank reserves. From a policy perspective and given the lack of a systematic response of monetary policy to asset price growth in nonstandard times, our findi…
Monetary Policy from a Circuitist Perspective
2007
As Arestis says, circuit theory is ‘a strong component of the endogenous money thesis’ (1996: 113). This notably means that circuitists endorse the original Post Keynesian dismissal of the orthodox Monetarist approach to monetary policy by which the quantity of money in the economy should be regulated so as to stifle inflationary pressures. From the endogenous view, money creation is, in Moore’s words (1988), ‘credit-driven’, meaning that money is demanded by the general public and firms to finance spending which is dependent upon prices and money wages. Hence it is prices and money wages that are factors determining the amount of money created and not the contrary. This led Post Keynesian …
An Analysis of the Time-Varying Behavior of the Equilibrium Velocity of Money in the Euro Area
2020
Recent developments in inflation and M3 velocity in the euro area have raised serious doubts about the reliability of M3 growth as a pillar of the ECB’s monetary policy strategy. We develop a very flexible and comprehensive state-space framework for modeling the velocity of circulation. Our specification allows for the estimation of different autoregressive alternatives and includes control instruments, whose coefficients can be set up either common or idiosyncratic. This is particularly useful to detect asymmetries in the reaction among countries to common shocks. Our findings first suggest that the downward trend of M3 velocity is mainly explained by the evolution of permanent income, pro…
From the crowd to the market: The role of reward-based crowdfunding performance in attracting professional investors
2017
Abstract We focus on new technology-based entrepreneurial ventures engaging in reward-based crowdfunding and examine the effect of their performance in such funding channel on the likelihood of securing subsequent funding from professional investors. We also study how this effect is influenced by the presence of patents granted for the new product idea and the entrepreneur social capital. Results from a sample of technology projects launched on Kickstarter demonstrate that pledging a higher amount of money in crowdfunding can ignite professional investors’ interest and thus help secure subsequent funding. However, this positive evidence is effective only when complemented by the presence of…
Determinants of Individual Investment Decisions in Investment-Based Crowdfunding
2017
We investigate determinants of investment decisions in investment-based (equity and real estate) crowdfunding, using a novel investment-, investor- and campaign-level database. We find that this market is a man's world, with nearly 93% of investments made by men. Consistent with behavioral and finance theories, we find that women invest less in the riskiest investments but more in safer ones. Further analyses show that these findings are better explained by differences in risk aversion than differences in overconfidence between men and women. Investors located in an area considered more "sociable" (socially friendly) also invest more, but only if the investor is a woman. Overall, the findin…
Affarismo e vendetta nel "Conte di Montecristo" di Dumas
1996
Il saggio analizza la tematizzazione del denaro nel Conte di Montecristo. The essay deals witn money's representation in Le Conte de Montecristo
Monetary Plurality in Economic Theory
2018
The objective of this article is to identify the monetary plurality in economic theory. We will try to throw light on the way in which theories are attracted towards both unicity and plurality, and more specifically by unification and diversification of money. It should also be noted, in this respect, that the economics of money has undergone considerable development since the 1970s. A survey of the diverse theories, whether mainstream or not, static or dynamic, holistic or individualistic, will reveal the surprising amount of attention devoted to the problem of monetary unicity and/or plurality. We base our presentation on two lines of thought: -The first of these lines concerns a situatio…
An anatomy of financial crises in Norway, 1830-2010
2014
Author's version of an article in the journal: Financial History Review. Also available from the publisher at: http://dx.doi.org/10.1017/S0968565013000279 On the basis of a novel dataset, the article investigates the anatomy of financial crises in Norway from 1830 to 2010. First, nine significant crises are identified. Second, the article examines spillover effects on the real economy. We find a clear but not symmetric relationship. Third, the article investigates key patterns in credit and money volumes. Major financial crises typically occurred after substantial money and credit expansion, causing financial instability.
La ricerca del value for money nei progetti di opere pubbliche
2012
The search of value for money in the field of public works is now an indispensable element to improve the relationship cost effectiveness of all investments that involve the use of resources of the communities. The article, based on the European Economic situation analyzes the evolution of evaluative methodologies in Italy and Europe showing, through some case studies, the elements that contribute most to the success of the evaluation both in terms economic and social benefits.