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Abstract

This note develops a gauge of the volatility of money velocity, based on the quantity equation of exchange. In contrast to ad hoc regression, the gauge measures the impacts of the three determinants of velocity – money supply, output, and the price level. An application to a fast-growing transition economy, Kazakhstan, finds that at the margin, price shocks affect the volatility of velocity more than do monetary or real shocks, by several orders of magnitude.



Item Type: MPRA Paper -

Original Title: An algorithm for estimating the volatility of the velocity of money-

English Title: Real or nominal shock – which one does more to destabilize developing economies? A case study of money velocity in Kazakhstan-

Language: English-

Keywords: monetary policy, simulations, forecasting in transitional economies, mathematical statistics in economics-

Subjects: E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E47 - Forecasting and Simulation: Models and ApplicationsE - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary PolicyE - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies-





Autor: Alikhanov, Murat

Fuente: https://mpra.ub.uni-muenchen.de/62902/



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