NDLI: Money growth volatility and the demand for money in Germany: Friedman’s volatility hypothesis revisited

Content Provider	Springer Nature Link
Author	Brüggemann, Imke Nautz, Dieter
Copyright Year	1997
Abstract	Money Growth Volatility and the Demand for Money in Germany: Friedman’s Volatility Hypothesis Revisited. — Recently, the Bundesbank claimed that monetary targeting has become considerably more difficult by the increased volatility of short-term money growth. The present paper investigates the impact of German money growth volatility on income velocity and money demand in view of Friedman’s money growth volatility hypothesis. Granger-causality tests provide some evidence for a velocity/volatility linkage. However, the estimation of volatility-augmented money demand functions reveals that — in contrast to Friedman’s hypothesis — increased money growth volatility lowered the demand for money.Volatilität des Geldmengenwachstums und die Geldnachfrage in Deutschland: Zu Friedmans Volatilitäts-Hypothese. — Die Bundesbank hat kürzlich behauptet, daß die Festlegung von Geldmengenzielen wegen der erhöhten Volatilität des kurzfristigen Geldmengenwachstums beträchtlich schwieriger geworden sei. Den Einfluß der Volatilität des deutschen Geldmengenwachstums auf die Umlaufgeschwindigkeit und die Geldnachfrage untersuchen die Verfasser unter besonderer Beachtung der Friedmanschen Hypothese zur Volatilität des Geldmengenwachstums. Granger-Kausalitätstests ergeben einige Hinweise auf eine Verbindung zwischen Umlaufgeschwindigkeit und Volatilität. Allerdings zeigt die Schätzung der Geldnachfragefunktionen unter Einschluß der Volatilität, daß — im Gegensatz zu Friedmans Hypothese — eine erhöhte Volatilität des Geldmengenwachstums die Geldnachfrage verringerte.
Starting Page	523
Ending Page	537
Page Count	15
File Format	PDF
ISSN	16102878
Journal	Weltwirtschaftliches Archiv
Volume Number	133
Issue Number	3
e-ISSN	16102886
Language	English
Publisher	Springer Berlin Heidelberg
Publisher Date	1997-09-01
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	International Economics European Integration Macroeconomics/Monetary Economics//Financial Economics Economic Policy
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
6	Contents and Copyright Issues	Queries related to content curation and copyright issues	content@ndl.gov.in
7	National Digital Library of India Club (NDLI Club)	Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach	clubsupport@ndl.gov.in
8	Digital Preservation Centre (DPC)	Assistance with digitizing and archiving copyright-free printed books	dpc@ndl.gov.in
9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in

Financial repression, money growth, and seignorage: The Polish experience

Volatility spillover effects in interbank money markets

Financial Integration and Fiscal Policy

The two-sided effect of financial globalization on output volatility

Factor price equalization? The cointegration approach revisited

Income volatility: whom you trade with matters

Technological adaptation, trade, and growth

Openness and economic growth in developing countries

Money, Velocity, and the Stock Market

Money growth volatility and the demand for money in Germany: Friedman’s volatility hypothesis revisited

Similar Documents

Financial repression, money growth, and seignorage: The Polish experience

Volatility spillover effects in interbank money markets

Financial Integration and Fiscal Policy

The two-sided effect of financial globalization on output volatility

Factor price equalization? The cointegration approach revisited

Income volatility: whom you trade with matters

Technological adaptation, trade, and growth

Openness and economic growth in developing countries

Money, Velocity, and the Stock Market

Money growth volatility and the demand for money in Germany: Friedman’s volatility hypothesis revisited