Počet záznamů: 1

A banking explanation of the US velocity of money: 1919-2004

  1. 1.
    0342817 - NHU-C 2011 RIV NL eng J - Článek v odborném periodiku
    Benk, S. - Gillman, M. - Kejak, Michal
    A banking explanation of the US velocity of money: 1919-2004.
    Journal of Economic Dynamics & Control. Roč. 34, č. 4 (2010), s. 765-779 ISSN 0165-1889
    Výzkumný záměr: CEZ:MSM0021620846
    Klíčová slova: volatility * business cycle * credit shocks
    Kód oboru RIV: AH - Ekonomie
    Impakt faktor: 1.117, rok: 2010

    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.
    Trvalý link: http://hdl.handle.net/11104/0185444