The specification of money demand, fiscal policy, and exchange rate dynamics

Article Abstract:

Research presented concerns the relationship between fiscal policy and variability in the exchange rate, focusing on the money demand function and how the exchange rate responds to anticipated fiscal growth checked by a balanced government budget. The model explores the depreciation or appreciation of domestic currency in the aftermath of a balanced fiscal expansion.

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Income velocity in turbulent times: the role of institutional factors in the New Zealand experience

Article Abstract:

This article examines how the income velocity or demand of money relates to monetary policy in New Zealand, using economic data from 1981-1994. Findings suggest that a long-run velocity function should incorporate measurement of institutional change in order to effectively model the demand for money.

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Calibration and real business cycle models: an unothodox experiment

Article Abstract:

Research presented concerns the calibration methodology used to study macroeconomic theories, in particular, the real business cycle theory. A Keynesian model called the Fairmodel is examined, focusing on how model simulations compare to US data.

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