TY  - UNPD
A1  - Aksoy, Yunus
A1  - Piskorski, Tomasz
T1  - Domestic money and US output and inflation
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2001,08
N2  - Recent empirical research found that the strong short-term relationship between monetary aggregates and US real output and inflation, as outlined in the classical study by M. Friedman and Schwartz, mostly disappeared since the early 1980s. In the light of the B. Friedman and Kuttner (1992) information value approach, we reevaluate the vanishing relationship between US monetary aggregates and these macroeconomic fundamentals by taking into account the international currency feature of the US dollar. In practice, by using official US data for foreign flows constructed by Porter and Judson (1996) we find that domestic money (currency component of M1 corrected for the foreign holdings of dollars) contains valuable information about future movements of US real output and inflation. Statistical evidence here provided thus suggests that the Friedman and Schwartz's stylized facts can be reestablished once the focus of analysis is back on the domestic monetary aggregates. This Version: August, 2001. Klassifikation: E3, E4, E5
T3  - CFS working paper series - 2001, 08 
KW  - Foreign holdings
KW  - US monetary aggregates
KW  - Information value
KW  - Friedman-Schwartz's evidence
KW  - USA
KW  - Geldangebot
KW  - Zentralbankgeld
KW  - Geldmenge
KW  - Konjunktur
KW  - Inflation
KW  - Schätzung
KW  - Geschichte 1966-1998
Y1  - 2001
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4506
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-9858
IS  - Version: August 2001
ER  -