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Working Paper
Data uncertainty and the role of money as an information variable for monetary policy
This paper demonstrates that money can play an important role as an information variable and may result in major improvements in current output estimates. However, the specific nature of this role depends on the magnitude of the output measurement error relative to the money demand shock. In particular, we find noticeable but small improvements in output estimates due to the inclusion of money growth in the information set. Money plays a quantitatively more important role with regard to output estimation if we allow for a contribution of monetary analysis in reducing uncertainty due to money ...
Journal Article
How controllable is money growth
Working Paper
The demand for money: where do we stand?
Working Paper
Money demand and equity markets
Money demand in part reflects a portfolio decision. As equities have become a significant store of household wealth, it seems plausible that variations in equity markets could affect money demand. We re-specify a standard money demand equation to include stock market volatility and revisions to analyst earnings projections. We find that these equity market variables are statistically significant and reduce the errors from money demand models.
Journal Article
Innovation and money demand
Journal Article
The information content of credit aggregates
Journal Article
Dynamic forecasting and the demand for money
Journal Article
Money, inflation, and interest rates
Journal Article
Interest rates: money demand