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Working Paper
Random coefficient models: theory and applications
Working Paper
Forecasting Australian monetary aggregates
Working Paper
Modeling buffer stock money - an appraisal
Journal Article
Milton Friedman, the demand for money, and the ECB’s monetary policy strategy
The European Central Bank (ECB) assigns greater weight to the role of money in its monetary policy strategy than most, if not all, other major central banks. Nevertheless, reflecting the view that the demand for money became unstable in the early 2000s, some commentators have reported that the ECB has ?downgraded? the role of money demand functions in its strategy. This paper explains the ECB?s monetary policy strategy and shows the considerable influence of Milton Friedman?s contributions on the formulation of that strategy. The paper also provides new evidence on the stability of euro area ...