Money Inflation Research Articles

Effect of Real Exchange Rate Volatility and Selected Macroeconomic Variables on Trade Exports Performance in Kenya

Kenya’s export performance is still constraint by high level of inflation, high-interest rates, low savings, low investments, and fluctuating exchange rates. Generally, Kenya’s exports have performed dismally in the recent past. It is not yet clear as to whether this poor export performance can be attributed to exchange rate volatility since, existing empirical evidence show mixed findings. The study sought to establish the impact of exchange rate volatility on Kenya’s exports performance for the period 1974 – 2018. Autoregressive Distributed Lag model (ARDL) with bounds test was estimated and it was found that ARCH term t-ratio was significant which indicated that exchange rate is volatile. exchange rate volatility, terms of trade, inflation money supply and trade openness were significant. Based on these results, it is recommended the government should reconsider exchange rate policies that will prevent high exchange rate fluctuations, suggests that the monetary authorities in the Kenya should come up with monetary policy strategies that will help drive the economy better are necessary for economic expansion, Kenya should maintain its market determined exchange rate and implement a monetary policy aimed at confining inflation to levels that are at par or lower than those of trading partners, the government should review trade policies and take advantage of trade openness to reap from trade liberalization. The study further realized interdependence between exchange rate stability, macroeconomic stability and export performance and hence policy makers need to consider the existing degree and likely effects of exchange rate volatility while designing, developing and implementing trade policies in Kenyan Economy.

Explaining the lead–lag pattern in the money–inflation relationship: a microsimulation approach

Explaining the lead–lag pattern in the money–inflation relationship: a microsimulation approach

Economic ordering policy for non‐instantaneous deteriorating items with price and advertisement dependent demand and permissible delay in payment under inflation

In recent years, offering credit period by the supplier to the retailer has become a usual strategy. Hence, in the present work, an inventory model for noninstantaneous deteriorating items is framed considering money inflation and time discounting, where a permissible delay period is offered by the supplier as an alternative to price discount. Further, the salvage value associated with deteriorated units is considered, and the shortages allowed are partially backlogged. Focus is made on obtaining the optimal replenishment policy by minimizing the total inventory cost. This is achieved by developing mathematical theorems that determines the existence and the uniqueness of the optimal solutions. Moreover, computational algorithm is designed and illustrated using numerical examples and analysis. Various managerial insights obtained from the analysis are also highlighted.

The Impact of Monetary Inflation on Investment Decisions in Jordanian Industrial Companies

It's a paper that studying money inflation that is an associated with the investment process and is noted to almost affect both Foreign Direct Investment (FDI) and domestic direct investment (DDI)simultaneously. Industrial development issues are often related to investment process in Jordan. The study highlights how financial inflation affects decisions of investment of most industrial companies in Jordan. Through this study future studies will be conducted with the conceptual structure of investment decisions through monetary inflation as a shape of capital, commodities, and import inflation in Jordanian industrial companies. To acquire the important information that helped to justify the study hypothesis, a question. To confirm the direct investment decisions and inflation relationship, Pearson's Correlation Test formula was used in this analysis. The entire results found: the lowest coefficient was in the overall correlation coefficient for imported inflation and the reserved variables. It was noted that when other variables decrease, the rising in most imported inflation might be compensated. In other hand, the remaining variables' correlation coefficient had a positive value.

Nominal Interest Rate, Inflation Money and Market Link in Bangladesh: An Econometric Analysis

This paper pursues to establish a connection among the nominal interest rate, the money market, and the inflation rate in Bangladesh using monthly time series data from June 2005 to March 2019. Because some data are stationary at the level and others are stationary at the 1st difference, the ARDL model is applicable for checking the link. There is a strong positive short-term and long-term relationship between inflation and nominal interest rates, suggesting that Bangladeshi data support the Fisher hypothesis for that time. For this study, the T bill, the call money rate is used as a measure of the money market. The research indicates that regulators should concentrate on call money rates in short-term and T-bill and call money rates in the long-term to control Bangladesh's nominal interest rate.

Mengungkap Aspek Sedekah dalam Transaksi Mangpaindan Doi pada Masyarakat Lunjen Enrekang

The focus of this research is the practice of transaction and doi and aspects of charity in the transaction. This study uses a qualitative paradigm with a phenomenal approach. The data validity testing uses data triangulation techniques and theory triangulation to improve data validity and reliability. The results of this study are (1) the mechanism of transactions that are carried out and carried out by individual Lunjen people has no witnesses, no written form, and no return agreement. (2) Money inflation in other transactions and transactions occurs between the lending time and payment of the debt. (3) The results of the qardh alms calculation obtained state that each muqridl gives alms qardh and also muqtaridl obtains the opposite. Transactions and doi have sharia added value (shari'ah value added) such as economic value added to the charity aspect of value reduction (inflation), mental added value to altruistic feelings and spiritual added value, namely sincerity and a sense of God's presence

‘The most difficult financial matter that has ever presented itself’: paper money and the financing of warfare under Louis XIV

Based on an extensive survey of French primary sources and a discussion of the recent literature on fiscal policy in France and Europe during Louis XIV's wars, this article revisits the rationale behind the first experiment with paper money undertaken by finance minister Michel Chamillart, comparing it to other belligerents’ strategies, in particular England's, to adjust their monetary regime to the challenges of funding long wars of attrition. The article shows how concerns about economic activity, coinage and the need to finance the war deficit led to a series of debasements of the French currency, the establishment of a bank in the form of aCaisse des empruntsand the introduction of mint bills, which became legal tender and caused the first experience of fiat money inflation in history. Whereas Chamillart's personal shortcomings have been recently suggested as the cause of Louis XIV's humbling in the War of the Spanish Succession, I argue on the contrary that the introduction of paper money in 1704 was key to the capacity of France to sustain its military effort, but that a succession of military defeats against a more powerful coalition led to inflation. I also argue that the introduction of paper money saved theCaisse des empruntsand its bonds which helped sustain the war effort up until the peace. By situating the use of paper money within the broader question of the exercise of power in the absolute monarchy, this article examines the formation of fiscal policy, paying attention to the ways in which government sought advice from experts. It concludes by calling for further studies on policy- and decision-making under Louis XIV.

Crop Prices in the Austrian Monarchy (1770–1816): The Role of Crop Failures and Money Inflation

Abstract The paper is based on data about local cereal prices in Bohemia recorded in the course of 46 years (1770-1816) by F.J. Vavák, Czech farmer living close to Prague. This information appeared in a series of his memoirs published within 1907-1938 and in 2009. The data analysis shows that annual means of prices of wheat, rye, and barley are relatively well correlated and can be used for illustration of the state monetary situation. A higher variation of the annual mean values was observed only in times of crop failure and was also related to the new harvest. The data obtained for pea differ from the data mentioned above. It was shown that the market prices were influenced mainly by crop failures caused by weather and climate and by the state monetary policies. The money purchasing power was influenced either by objective causes, like crop failures of reversible character, or by subjective changes caused mainly by inflationary monetary policies which in the case of Austria had conduced to a state bankruptcy.

Principles of Sustainable Energy

Introduction to Sustainable Energy Global Sustainability Role of Energy Conservation Nuclear Energy Hydrogen Geothermal Energy Global Status and Potential of Renewable Energy Summary of Renewable Energy Resources Orders of Magnitude Energy Units and Conversion Factors Problems Online Resources References Suggested Readings Economics of Energy Generation and Conservation Systems Time Value of Money Inflation Societal Costs Total Life Cycle Costs Internal Rate of Return Levelized Cost of Energy Example of a Typical Cash Flow Scenario Energy Analysis Methodology EROI for a Wind Energy System EROI for Nuclear Power Problems Appendix 2.A Capital Recovery Factor References Wind Energy, Contributing Author: G. Pawlas Wind Power in a Nutshell Power and Energy Fact or Fiction: Common Questions about Wind Turbines History of Wind Turbine Development: HAWTs and VAWTs Introduction to Wind Turbine Performance Aerodynamics Wind Characteristics Turbine Performance Cost of Energy Wind Farms Offshore Wind Energy Additional Topics for Study Acknowledgment Problems References Capturing Solar Energy through Biomass, Contributing Authors: R.C. Brown and M.M. Wright Introduction Biomass Feedstocks Conversion of Biomass to Gaseous Fuels Transportation Fuels from Biomass Conversion of Biomass to Electricity Conclusions Solutions to Selected Problems Additional Problems References Fundamentals of Solar Radiation The Physics of the Sun and Its Energy Transport Thermal Radiation Fundamentals Sun-Earth Geometric Relationship Solar Radiation Models Based on Long-Term Measured Horizontal Solar Radiation Measurement of Solar Radiation Problems Appendix References Photovoltaics Semiconductors Analysis of Photovoltaic Cells Manufacture of Solar Cells and Panels Design for Remote Photovoltaic Applications Thin-Film PV Technology Multilayer PV Technology Problems References Solar Heating and Cooling of Buildings Radiative Properties and Characteristics of Materials Flat-Plate Collectors Evacuated Tube Collectors Experimental Testing of Collectors Calculations of Heating and Hot Water Loads in Buildings Solar Water-Heating Systems Liquid-Based Solar-Heating Systems for Buildings Methods of Modeling and Design of Solar Heating Systems Solar Cooling Solar Desiccant Dehumidification Problems Appendix References Solar Process Heat and Thermal Power Historical Perspective Solar Industrial Process Heat Parabolic Collectors Long-Term Performance of SIPH Systems TRNSYS-Computer Simulation Program Solar Thermal Power Examples of Solar Thermal Power Plants Parabolic Dish Systems and Stirling Engines Recent Developments in Solar Thermal Power Cycles Problems References Passive Solar Heating, Cooling, and Daylighting, Contributing Author: J.H. Morehouse Introduction Solar Thermosyphon Water Heating Passive Solar Heating Design Fundamentals Passive Space Cooling Design Fundamentals Daylighting Design Fundamentals Defining Terms References For Further Information Energy Storage Overview of Storage Technology Mechanical Technologies Direct Electrical Technologies Fundamentals of Batteries and Fuel Cells Rechargeable Batteries Fuel Cells and Hydrogen Thermal Energy Storage Problems References Other Battery Resources Ocean Energy Conversion Ocean Thermal Energy Conversion Tidal Energy Ocean Wave Energy References Transportation Introduction Alternative Fuels Well-to-Wheel Analysis Mass Transportation Hybrid Electric Vehicles Plug-In Hybrid Electric Vehicles Advanced Ground Transportation with Biomass Fuel Future All-Electric System Hydrogen for Transportation Problems References Index

Further evidence on money and inflation in the long run

The long-run money–inflation relation is re-examined in the context of De Grauwe and Polan's (2005) recent claim that the monetary aggregates are of no use for monetary analysis at low rates of inflation, and Nelson's (2002) counterclaim that in cross-country analysis money should be defined as currency and allowance should be made for lags. I report cross-section results that support a role for the monetary aggregates at low inflation when currency is the monetary aggregate, and panel data results that find no such role, notwithstanding the use of currency and allowing for lags.

Replenishment policy for single item inventory model with money inflation

Finding out the replenishment policy is a hot topic of research in inventory management. In this article, we propose an optimal replenishment policy by considering stock dependent consumption rate for non instantaneous deteriorating items with money inflation and time discounting. In this model shortages are allowed and backlogging is partial. Solution procedure is given and explained with examples. The impact of various parameters of the system on the optimal solution is analyzed by carrying out sensitivity analysis with perturbations in various parameters.

Immigrants and the Industries of London, 1500-1700

Current concern for the scale for immigration into the UK has stimulated ever more research since the 1980s. William Cunningham's book on the subject in 1897 led the way. Now, over a century later, the bibliography of secondary sources in this present book runs to nearly thirty pages, and includes at least ten theses that are directly relevant but are as yet unpublished. So Dr Luu's work constitutes another landmark, in particular lighting up the present state of research by focusing on London, and signalling the dramatic change that has taken place in the resources available for research. Her book makes use of a database compiled on a computer, so it is a markedly orderly analysis, ranges over an extensive bibliography, and enables her to offer many helpful, basic lists and tables that will assist future researchers. The result is a stimulating discussion, asking and responding to many searching questions. It is not only concerned with gauging government policy and public opinion, but explores thoroughly practical questions about the way individuals acted and reacted to migration and migrants. Some of the story is so thoroughly familiar in our present-day experience, indeed, that readers will gasp at some passages; we are going over the same ground all over again. Here lie valuable lessons from the past for today. The book is concerned with London only, and focuses particularly on three trades, silk-weaving, silver-working, and beer-brewing. Having given in the first two chapters a general survey of the existing historiography, and summarised England's economic place in Europe, the author succinctly describes the emergence of a national policy to encourage immigration and the importing of new skills, and the varying results countrywide. She then, from Chapter 4 onwards, focuses on the London scene, telling a satisfying story of the changing strategies chosen by government, the City authorities and gilds through the decades, and responses by the foreigners themselves. Each industry directs attention to different facets of the migrant problem. Silk relied on imports of the raw material, and success resulted mainly from weaving skills, and the choice of highly varied types of silk cloth of medium quality, certainly not the high-value velvets, brocades and tissues made elsewhere in Europe. The beer industry flourished because ‘Dutch’ (often meaning German) brewers were from the start acknowledged to have the supreme skills. Hopped beer was dubbed poisonous at first, but then became acceptable, and then popular. Money inflation encouraged beer drinking (beer costing, at first, half the price of ale), male brewers took charge, and the ale wives were sidelined (this should focus our attention on the women's need to find other work). Capital expenditure on much new brewing equipment enlarged enterprises; so some foreigners found it advantageous to marry the widows of English brewers; by 1650 brewing was assimilated into English hands. In passing, we should note that people became accustomed to beer as a cold drink only, and had to learn to stomach a different taste when the furnaces were fired by coal instead of wood. Here Luu is noticeably alert to the multifarious facets of change. Silver-working lights up yet other changing circumstances: the skill was desirable because of the enhanced ceremonial role of exchanging gifts. Continental traditions for training gave foreigners the edge by insisting on their completing a ‘masterpiece’ and by encouraging apprentices to undertake Wanderjahre, working for some years under different masters. Fashions in design also placed the Huguenot French in the forefront of the business at the end of the seventeenth century. This book is so wide-ranging; it instils a host of ideas for further exploration, not the least of which is the list on page 315 of 24 further new trades and 31 luxury trades introduced by the aliens. Each assuredly will offer further insights into the busy world of consumerism at this period. Dr Luu's book is an alluring signpost inviting followers.

Commodity money inflation: theory and evidence from France in 1350–1436

This paper presents a theory of inflation in commodity money and supports it by evidence from inflationary episodes in France during the 14th and 15th centuries. The paper shows that commodity money can be inflated similarly to fiat money through repeated debasements, which act like devaluations. Furthermore, as with fiat money, demand for commodity money falls with inflation. However, at high rates of inflation demand for commodity money becomes insensitive to inflation, since commodity money has intrinsic value in addition to its transactions value. Finally, we show that anticipated stabilization reduces demand for commodity money.

Testing for Common Cycles in Money, Nominal Income and Prices

In this paper we consider whether common cyclical dynamics can be identified in the money–inflation relationships suggested by the quantity theory of money. The analysis is based on an examination of data for the USA and the UK, using correlation methods and the more stringent common features test developed by Engle and Kozicki. We discuss the nature of the test procedures and the results from the common features test are compared with those obtained from the more traditional correlation analysis. The results of the analysis are mixed, but are generally supportive of the quantity theory.

The Band Pass Filter*

We develop optimal finite‐sample approximations for the band pass filter. These approximations include one‐sided filters that can be used in real time. Optimal approximations depend upon the details of the time series representation that generates the data. Fortunately, for U.S. macroeconomic data, getting the details exactly right is not crucial. A simple approach, based on the generally false assumption that the data are generated by a random walk, is nearly optimal. We use the tools discussed here to document a new fact: There has been a significant shift in the money–inflation relationship before and after 1960.

Commodity Money Inflation: Theory and Evidence from France in 1350-1436

This paper presents a theory of inflation in commodity money and supports it by evidence from inflationary episodes in France during the fourteenth and fifteenth centuries. The paper shows that commodity money can be inflated similarly to fiat money through repeated debasements, which act like devaluations. Furthermore, as with fiat money, demand for commodity money falls with inflation. Unlike fiat money, at high rates of inflation demand for commodity money becomes insensitive to inflation, since commodity money has intrinsic value in addition to its transactions value. Finally, we show that an anticipated stabilization reduces demand for commodity money, which is opposite to the effect of anticipated standard stabilization on demand for fiat money. Keywords: Economics, Macroeconomics

Political Parties and Paper Money Inflation in Sweden During the 18th Century

Political Parties and Paper Money Inflation in Sweden During the 18th Century

Political Parties and Paper Money Inflation in Sweden During the 18th Century

Political Parties and Paper Money Inflation in Sweden During the 18^<i>th</i> Century

Paper Money Inflation, Prices, Gresham’s Law and Exchange Rates in Ming China

Papiergeldinflation, Preise, das Gresham-Gesetz und Wechselkurse im China der Mingzeit In diesem Artikel wird die Papiergeldinflation der Mingzeit (1368 - 1448) mit der Absicht analysiert festzustellen, ob die Theorie eines kompletten Inflationskreislaufs lediglich auf in der westlichen Geschichte aufgetretene Fälle zutrifft oder auch auf viel weiter zurückliegende Zeiträume in anderen Kulturen. Ein kompletter Inflationskreislauf beginnt mit der Einführung von Papiergeld zur Finanzierung eines Haushaltsdefizits und mit der allgemeinen Verwendung dieses Papiergelds als Zahlungsmittel neben dem Münzgeld. Ab einem späteren Zeitpunkt verdrängt das Papiergeld das Münzgeld (das Gresham-Gesetz). Danach beginnt die Inflation und nimmt an Geschwindigkeit zu. Das Münzgeld kehrt zurück und ersetzt das Papiergeld, das schließlich ganz aus dem Umlauf verschwindet. Es wird nachgewiesen, daß diese und andere qualitative Merkmale auch in der Inflation der Mingzeit festzustellen waren

Macroeconomics: A European Text.

Part I Introduction to macroeconomics: what is macroeconomics? macroeconomic accounts. Part II The real macroeconomy: intertemporal budget constraints demand of the private sector the labour markets and equilibrium unemployment economic growth the real exchange rate. Part III Money and the aggregate demand: money and the demand for money monetary policy and the supply of money aggregate demand and output. Part IV Inflation and business cycles: aggregate supply and inflation money, inflation, and the exchange rate. Part V Macroeconomic policy: fiscal policy the limits of demand management supply-side policies. Part VI Financial markets and exchange rates: financial markets exchange rates in the short run. Part VII World policy issues: the international monetary system policy co-ordination and the EMS sovereign indebtedness. Epilogue: The future of Eastern Europe.