We estimate elasticities of substitution between components of the Bank of England's
household-sector UK Divisia monetary aggregate using quarterly data from 1999 to 2019 …

This paper uses neoclassical demand theory to calculate the welfare costs of inflation. It
considers the demand interactions between money, consumption goods, and leisure …

This paper revisits the empirical relationship between interest rates and money demand
from a novel perspective, ie, information theory. Particularly, we utilize the model-free …

Monetary asset user costs are functions of spreads between a benchmark rate of return and
the own rates of return on the monetary assets. We analyze the impact of the benchmark rate …

This paper assesses the information content and predictive capabilities of Divisia monetary
indicators concerning sector-specific economic activities. Although existing evidence …

This paper takes a parametric approach to demand analysis and tests the weak separability
assumptions that are often implicitly made in representative agent models of modern …

Over the years, economists and policymakers have been searching for a variable, or
combination of variables, to measure the stance of monetary policy. Monetarist authors of …

We assess the responses of output and inflation to monetary policy shocks in the context of a
Bayesian, monetary structural vector autoregressive model. We allow money supply and …