Dying for Money

A bstract . A major cause of spiralling health-care cost is aggressive treatment of major illnesses by health-care providers The insured patient also demands such an expensive course of action because he pays only a small portion of the cost and is not given a more attractive alternative. If the patient is offered compensation to give up his de facto right to aggressive treatment, insurance premium can be reduced. Physician-assisted death with benefit conversion is discussed as a means for such an exchange.     

Money Growth and Inflation in the Euro Area: A Time‐Frequency View

This article provides new insights on the relationship between money growth and inflation in the euro area over the last 40 years. This highly relevant link for the European Central Bank monetary policy strategy is assessed using wavelet analysis. The findings indicate a stronger link between inflation and money growth at low frequencies over the whole sample period. At the typical business cycle frequency range the link is only present until the beginning of the 1980s. Moreover, there seems to be a recent deterioration of the leading properties of money growth with respect to inflation in the euro area.     

网络团购窜货问题研究

在分析企业常见分销渠道类型、窜货表现形式的基础上，研究了网络团购导致传统分销渠道窜货的形成机理，并进一步分析了网络团购引发传统分销渠道窜货的原因、实质和趋势，为网络团购得到生产商支持，实现购销通路指出一个方向。     

Market Standards for Money

The power of governments to debauch currencies for political ends has long been condemned by market economists. Monetarists have argued that the government should restrain its production of money; Professor Hayek contended in 1976 that monetary continence would succumb to political pressures and argued for national currencies to be replaced by competing private monies. Here he refines this thinking and suggests that a private 'store of value'—the standard—would be more likely to overcome the political obstruction to the wholesale denationalisation of currencies, but would be immune from use as a political tool by the state.     

The Speculative Demand for Money: An Alternative Approach

Abstract . The speculative demand for money has occupied an important role in Keynes’ General Theory. Since then it has received only sporadic attention. The lack of sustained interest among specialists in monetary theory is largely due to the fact that the theory, in its original form, has usually failed to survive the empirical tests. In this paper, an attempt is made to estimate the speculative demand for money using the general framework of the “Efficient Markets Theory.” The study uses the United States seasonally adjusted monthly data for the period 1952-72. The results strongly indicate the existence of the speculative demand for money.     

Free Money for Social Progress

A bstract Silvio Gesell (1862-1930) proposed a system of stamped money in order to accelerate monetary circulation and to free money from interest. This was part of a global socialist system intended to free the economy from rent and interest. In the 1930s, Irving Fisher, who proposed the system to President Roosevelt, and John Maynard Keynes rendered homage to Gesell's monetary proposals in the context of the economic depression. Several experiments took place that were based on his ideas, notably in the Austrian town of Wörgl and in the United States. These experiments were always local and never lasted more than a few months. This article shows that trust is the main issue of this kind of monetary organization; and therefore, that such experiments can only take place successfully on a small scale.     

Value for Money in Science

What should be the role of government in research? Professor Bryan Clarke, Professor of Genetics at Nottingham University, argues that the control of scientific research by the government is unlikely to be productive.     

交易性货币需求理论的发展演变及其启示

凯恩斯的货币需求理论引发了关于交易性货币需求理论的争议和修正,后来的发展演变更加注重从需求的微观基础出发来研究,强调约束条件下的交易成本和收支的不确定性,这对转轨时期的我国货币需求理论有很大的启发和借鉴意义。     

No Market Demand for Commodity Money

The lessons of history, suggests Professor David Currie of Queen Mary College, London, are that financial imstitutions prefer state-guaranteed monies to those supplied by private institutions.     

Donating Money to Get Money: The Role of Corporate Philanthropy in Stakeholder Reactions to IPOs

This study examines how stakeholders' investment time horizons interact with information about corporate giving in initial public offering (IPO) firms. Specifically, we build a model that explains how corporate philanthropy affects IPO performance. We find that at the IPO‐preparation stage, corporate giving is negatively related to underwriter prestige, venture capital investment, and IPO financing costs. We also find that at the IPO‐issuance stage, negative media coverage of IPOs moderates the U‐shaped relationship between corporate giving and market premiums. At the IPO‐trading stage, we find that corporate giving only positively influences the market premiums for IPO firms that are the subject of negative media reports. Our findings contribute to the signalling theory by showing how various stakeholders interpret the same signals differently, and they have implications for understanding how the relationship between corporate philanthropy and corporate financial performance materializes in the IPO markets.     

Money and economic development: A long-run perspective

This article explores the association between money and long-run economic growth in a panel of 27 countries over 200 years. It presents evidence of a complementarity between freedom and decentralisation of the monetary system in terms of their contribution to growth in GDP per capita. The significant and positive association between freedom and economic growth is found to be significantly stronger in a decentralised (market-based) than in a centralised (government-controlled) monetary system. For the average level of freedom across the 27 countries today, shifting from a centralised to a decentralised monetary system is predicted to almost double growth rates.     

Money and production: A stochastic frontier approach

Considerable controversy surrounds the role of money in the production of goods and services. Previous empirical research has appeared to find that the real money stock affects aggregate output, holding other, more conventional inputs constant. However, the theoretical literature offers no convincing explanation for this empirical finding. One interpretation is that real money balances reduce the extent to which labor and capital are diverted into exchange-related activities instead of being used in production defined in a more narrow sense. To investigate this hypothesis, we estimate a production function augmented with real money balances as an input, using time-series data for the aggregate U.S. economy. A stochastic production frontier is then estimated without real money balances. We use these estimates to establish the presence of technical inefficiency. Finally, we show that the extent of technical inefficiency is negatively correlated with the real money stock. Our results provide a reconciliation between the empirical literature, which finds that real money balances affect output in a production function framework, and the theoretical literature, which suggests that real money balances enhance the technical efficiency of the economy.     

Stock returns and volatility: Another look

Most empirical work examining the intertemporal mean-variance relationship in stock returns has tended to use relatively simple specifications of the mean and especially of the conditional variance. We augment the information set to include economic variables that other researchers have found to be important and use GARCH-M models to explore the relation between volatility and expected stock returns. We find that the additional variables have little impact on the conditional variance and that any intertemporal relationship between volatility and stock returns is weak or unstable. Our results signal the need for theoretical models of the intertemporal volatility-return relationship, and call for further studies of the determinants of the conditional variance of stock returns.     

The Money Economy

A bstract A trustworthy monetary system is necessary to support the division of labor and extended trading relationships. In the context of classical economics and of Keynes'macroeconomics, the origin of pervasive economywide problems have been traced to monetary disturbances. The relevance (to interest rate theory) of the market for credit and of bond price speculation is critical to judging the plausibility of those rival theories.     

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