Počet záznamů: 1
A banking explanation of the US velocity of money: 1919-2004
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SYSNO ASEP 0342817 Druh ASEP J - Článek v odborném periodiku Zařazení RIV J - Článek v odborném periodiku Poddruh J Článek ve WOS Název A banking explanation of the US velocity of money: 1919-2004 Tvůrce(i) Benk, S. (HU)
Gillman, M. (GB)
Kejak, Michal (NHU-C) RIDZdroj.dok. Journal of Economic Dynamics & Control. - : Elsevier - ISSN 0165-1889
Roč. 34, č. 4 (2010), s. 765-779Poč.str. 15 s. Jazyk dok. eng - angličtina Země vyd. NL - Nizozemsko Klíč. slova volatility ; business cycle ; credit shocks Vědní obor RIV AH - Ekonomie CEZ MSM0021620846 - NHU-C UT WOS 000277057900013 DOI 10.1016/j.jedc.2009.11.005 Anotace The paper shows that US GDP velocity of M1 money has exhibited long cycles around a 1.25% per year upward trend, during the 1919-2004 period. It explains the velocity cycles through shocks constructed from a DSGE model and annual time series data (Ingram et al., 1994). Model velocity is stable along the balanced growth path, which features endogenous growth and decentralized banking that produces exchange credit. Positive shocks to credit productivity and money supply increase velocity, as money demand falls, while a positive goods productivity shock raises temporary output and velocity. The paper explains such velocity volatility at both business cycle and long run frequencies. Pracoviště Národohospodářský ústav - CERGE Kontakt Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Rok sběru 2011
Počet záznamů: 1