Does endogeneity of the money supply disprove monetary effects on economic activity?

Article Abstract:

The impact of exogenous and endogenous components making up money are more or less the same, according to a new form of indirect test, with the two components seeming to function as traditionally described, making their impact through combining together. In contrast, some theorists have previously argued that there was a flow in one direction, affecting the endogenous component. This had been a departure from the traditional view that there were effects running both ways, which helped explain the covariation found between business fluctuations and the money supply.

Money supply

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Money demand and inflation in Yugoslavia, 1980-1989

Article Abstract:

The buffer-stock Cagan model for hyperinflation is supported by an econometric test using data from Yugoslavia for the period 1980 to 1989. The background to the Yugoslav experience included a move away from a centrally planned economy, in addition to chronic inflation from the end of the Second World War. The adaptive-regressive expectations model developed by Frenkel can also be used with Cagan's model, and the study also appears to back the idea that domestic money holding was partly influenced by rates of return expected from West German assets.

Economic aspects, Inflation (Finance), Yugoslavia, Inflation (Economics)

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Real interest rates, liquidity constraints and financial deregulation: private consumption behavior in the U.K

Article Abstract:

The impact of financial deregulation was analyzed in relation to United Kingdom's consumption expenditure. Consideration of non-linear model for consumption revealed that implementation of financial deregulation has resulted to marked lowering of liquidity constraints encountered by consumers. A consistency was noted between financial deregulation process and estimated time-varying parameter path.

Economics, Research and Development in the Social Sciences and Humanities, Research, Consumption (Economics), Financial institutions, Deregulation

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