Thesis (Ph. D.)--University of Missouri-Columbia, 1997. / Typescript. Vita. Includes bibliographical references (leaves 250-275). Also available on the Internet.

Thesis (M.A.)--Virginia Polytechnic Institute and State University, 1990. / Abstract. Also available via the Internet.

Thesis (Ph. D.)--University of Missouri-Columbia, 1997. / Typescript. Vita. Includes bibliographical references (leaves 250-275). Also available on the Internet.

Thesis (Ph. D.)--University of California, San Diego, 2000. / Vita. Includes bibliographical references (leaves 77-79).

Thesis (Ph. D.)--University of Nebraska, 1988. / Includes bibliographical references (leaves 87-94).

<p>This study examines the impact of exchange rate on inflation in Nigeria economy between 1970 and 2007. We analyzed the trend of inflation and exchange rate in the last 38 years by evaluating the relationship between government expenditure, money supply, Oil revenue, exchange rate and inflation as the dependent variables. We adopted the Augmented Dickey- Fuller to carry out the unit root test and co integration with Johansen test.</p><p>Our result shows that the individual variables are integrated order one, that is a unit root exist. This means that each variable tends to follow a random walk. On the other hand, inflation rate, exchange rate, oil revenue, government spending and money supply are co integrated. This revealed a strong relationship among the variables though inflation rate and exchange rate show no long term relationship, but short term relationship seems to exist between them.</p>

Este trabalho pretende abordar a teoria monetária sob a ótica keynesiana. A partir da análise da obra de John Maynard Keynes, apresenta os principais pontos sobre os quais a teoria pós-keynesiana irá se embasar. Mostra como a endogeneidade da moeda se transforma em um ponto fundamental da teoria pós-keynesiana, após o trabalho seminal de Nicholas Kaldor. Seria responsabilidade de Basil Moore o aprofundamento dessas ideias, condensadas sob a forma da total endogeneidade da moeda e da exogeneidade da taxa de juros, que se torna o instrumento prevalecente de política monetária. Tal vertente ficou denominada como horizontalista. A partir da crítica a esse posicionamento, formou-se a abordagem estruturalista, aqui representada por Stephen Rousseas e fortemente influenciada por Hyman Minsky. O presente trabalho propõe que o desenvolvimento concomitante das duas vertentes tem aproximado os teóricos de cada abordagem. Nesse ínterim, com base nos trabalhos de Mark Setterfield e Giuseppe Fontana, apresenta uma proposta definitiva de conciliação entre o horizontalismo e o estruturalismo a partir da incorporação da dinâmica de formação da oferta de moeda. Com isso, permite a análise de casos especificamente localizados no tempo e no espaço, de forma que consegue incorporar os principais pontos elaborados anteriormente por Keynes. A fim de conciliar o desenvolvimento da teoria com a construção de políticas monetárias, procede com a aplicação no caso brasileiro pós-Plano Real. A análise permite mostrar a presença de características estruturalistas e horizontalistas, transparecendo o benefício que uma teoria que concilie as duas vertentes presta para a teoria econômica. Além disso, mostra como o Novo Consenso Monetário, aqui representado apenas pelo modelo de Metas de Inflação, aparenta incorporar a crítica pós-keynesiana, porém ainda se prende com afinco aos cânones que são justamente a base da crítica. Por fim, ressalta a importância de se perceber a definição exógena da taxa de juros como um elemento fundamental e inevitável da influência política nas decisões econômicas. / This study addresses the monetary theory in a Keynesian perspective. Starting from the John Maynard Keynes’ analysis, it presents the main issues upon which the post-Keynesian theory is based. It shows how the endogenous money supply becomes a key point of the post-Keynesian theory after the seminal work of Nicholas Kaldor. Basil Moore would be responsible to deepen these ideas, condensed in the form of the total endogenous money supply and interest rate exogeneity, which becomes the prevailing monetary policy instrument. This strand was referred to as horizontalist. Starting from the criticism of this posture, structuralist approach was formed, and is represented here by Stephen Rousseas, although strongly influenced by Hyman Minsky. The present work proposes that the concurrent development of the two approaches has gradually approximated both strands. Therefore, based on the work of Giuseppe Fontana and Mark Setterfield, it presents a definitive proposal for reconciling horizontalism and structuralism through the incorporation of the money supply dynamics. This allows analyses of specifically localized cases, so that it can incorporate the main points previously established by Keynes. In order to reconcile theoretical development with the construction of monetary policy, it proceeds with the application to the Brazilian case after the Plano Real. The analysis allows showing the presence of structuralist and horizontalist characteristics, demonstrating the benefit that a theory that reconciles both approaches provides for economic analysis. Furthermore, it shows how the New Monetary Consensus, represented here only by Inflation Targeting model, appears to incorporate post-Keynesian critique, but still holds tight to the canons which were precisely the basis of criticism. Finally, it emphasizes the importance of realizing the exogenous determination of interest rates as a fundamental and inevitable element of political influence on economic decisions.

Este trabalho pretende abordar a teoria monetária sob a ótica keynesiana. A partir da análise da obra de John Maynard Keynes, apresenta os principais pontos sobre os quais a teoria pós-keynesiana irá se embasar. Mostra como a endogeneidade da moeda se transforma em um ponto fundamental da teoria pós-keynesiana, após o trabalho seminal de Nicholas Kaldor. Seria responsabilidade de Basil Moore o aprofundamento dessas ideias, condensadas sob a forma da total endogeneidade da moeda e da exogeneidade da taxa de juros, que se torna o instrumento prevalecente de política monetária. Tal vertente ficou denominada como horizontalista. A partir da crítica a esse posicionamento, formou-se a abordagem estruturalista, aqui representada por Stephen Rousseas e fortemente influenciada por Hyman Minsky. O presente trabalho propõe que o desenvolvimento concomitante das duas vertentes tem aproximado os teóricos de cada abordagem. Nesse ínterim, com base nos trabalhos de Mark Setterfield e Giuseppe Fontana, apresenta uma proposta definitiva de conciliação entre o horizontalismo e o estruturalismo a partir da incorporação da dinâmica de formação da oferta de moeda. Com isso, permite a análise de casos especificamente localizados no tempo e no espaço, de forma que consegue incorporar os principais pontos elaborados anteriormente por Keynes. A fim de conciliar o desenvolvimento da teoria com a construção de políticas monetárias, procede com a aplicação no caso brasileiro pós-Plano Real. A análise permite mostrar a presença de características estruturalistas e horizontalistas, transparecendo o benefício que uma teoria que concilie as duas vertentes presta para a teoria econômica. Além disso, mostra como o Novo Consenso Monetário, aqui representado apenas pelo modelo de Metas de Inflação, aparenta incorporar a crítica pós-keynesiana, porém ainda se prende com afinco aos cânones que são justamente a base da crítica. Por fim, ressalta a importância de se perceber a definição exógena da taxa de juros como um elemento fundamental e inevitável da influência política nas decisões econômicas. / This study addresses the monetary theory in a Keynesian perspective. Starting from the John Maynard Keynes’ analysis, it presents the main issues upon which the post-Keynesian theory is based. It shows how the endogenous money supply becomes a key point of the post-Keynesian theory after the seminal work of Nicholas Kaldor. Basil Moore would be responsible to deepen these ideas, condensed in the form of the total endogenous money supply and interest rate exogeneity, which becomes the prevailing monetary policy instrument. This strand was referred to as horizontalist. Starting from the criticism of this posture, structuralist approach was formed, and is represented here by Stephen Rousseas, although strongly influenced by Hyman Minsky. The present work proposes that the concurrent development of the two approaches has gradually approximated both strands. Therefore, based on the work of Giuseppe Fontana and Mark Setterfield, it presents a definitive proposal for reconciling horizontalism and structuralism through the incorporation of the money supply dynamics. This allows analyses of specifically localized cases, so that it can incorporate the main points previously established by Keynes. In order to reconcile theoretical development with the construction of monetary policy, it proceeds with the application to the Brazilian case after the Plano Real. The analysis allows showing the presence of structuralist and horizontalist characteristics, demonstrating the benefit that a theory that reconciles both approaches provides for economic analysis. Furthermore, it shows how the New Monetary Consensus, represented here only by Inflation Targeting model, appears to incorporate post-Keynesian critique, but still holds tight to the canons which were precisely the basis of criticism. Finally, it emphasizes the importance of realizing the exogenous determination of interest rates as a fundamental and inevitable element of political influence on economic decisions.

The effectiveness of monetary policy in achieving its macroeconomic objectives such as price stability and economic growth depend on the monetary policy tools that are implemented by the Central Bank. Monetary aggregates are one of the tools that have been used as indicators of economic activity and as intermediate targets to achieve these economic objectives. Until recently, monetary aggregates have been questioned and criticised on their usefulness in monetary policy. This has been attributed to the economic, financial and technological developments that have distorted the relationship between monetary aggregates and major macroeconomic variables. This study investigates the relevance of monetary aggregation by comparing the traditional simple sum and Divisia index monetary aggregates which was constructed for the first time for South Africa using the Tornquist-Theil method. The Polynomial Distributed Lag model is employed to compare the performance of these monetary aggregates using their relationship with inflation and manufacturing index. Furthermore, the aggregates are compared in terms of their controllability and information content. Overall, the study found a very strong relationship between inflation and all the monetary aggregates. However, more specifically the results suggested that the Divisia indices are superior to the simple sum in terms of predicting inflation. The evidence further suggests that the Divisia aggregates provide higher information about inflation than the simple sum aggregates. Regarding the controllability of the monetary aggregates, the findings suggest that the monetary authorities can hardly control the monetary aggregates using monetary base. Finally, the relationship between manufacturing index and all the monetary aggregates was very weak.

Este trabalho pretende abordar a teoria monetária sob a ótica keynesiana. A partir da análise da obra de John Maynard Keynes, apresenta os principais pontos sobre os quais a teoria pós-keynesiana irá se embasar. Mostra como a endogeneidade da moeda se transforma em um ponto fundamental da teoria pós-keynesiana, após o trabalho seminal de Nicholas Kaldor. Seria responsabilidade de Basil Moore o aprofundamento dessas ideias, condensadas sob a forma da total endogeneidade da moeda e da exogeneidade da taxa de juros, que se torna o instrumento prevalecente de política monetária. Tal vertente ficou denominada como horizontalista. A partir da crítica a esse posicionamento, formou-se a abordagem estruturalista, aqui representada por Stephen Rousseas e fortemente influenciada por Hyman Minsky. O presente trabalho propõe que o desenvolvimento concomitante das duas vertentes tem aproximado os teóricos de cada abordagem. Nesse ínterim, com base nos trabalhos de Mark Setterfield e Giuseppe Fontana, apresenta uma proposta definitiva de conciliação entre o horizontalismo e o estruturalismo a partir da incorporação da dinâmica de formação da oferta de moeda. Com isso, permite a análise de casos especificamente localizados no tempo e no espaço, de forma que consegue incorporar os principais pontos elaborados anteriormente por Keynes. A fim de conciliar o desenvolvimento da teoria com a construção de políticas monetárias, procede com a aplicação no caso brasileiro pós-Plano Real. A análise permite mostrar a presença de características estruturalistas e horizontalistas, transparecendo o benefício que uma teoria que concilie as duas vertentes presta para a teoria econômica. Além disso, mostra como o Novo Consenso Monetário, aqui representado apenas pelo modelo de Metas de Inflação, aparenta incorporar a crítica pós-keynesiana, porém ainda se prende com afinco aos cânones que são justamente a base da crítica. Por fim, ressalta a importância de se perceber a definição exógena da taxa de juros como um elemento fundamental e inevitável da influência política nas decisões econômicas. / This study addresses the monetary theory in a Keynesian perspective. Starting from the John Maynard Keynes’ analysis, it presents the main issues upon which the post-Keynesian theory is based. It shows how the endogenous money supply becomes a key point of the post-Keynesian theory after the seminal work of Nicholas Kaldor. Basil Moore would be responsible to deepen these ideas, condensed in the form of the total endogenous money supply and interest rate exogeneity, which becomes the prevailing monetary policy instrument. This strand was referred to as horizontalist. Starting from the criticism of this posture, structuralist approach was formed, and is represented here by Stephen Rousseas, although strongly influenced by Hyman Minsky. The present work proposes that the concurrent development of the two approaches has gradually approximated both strands. Therefore, based on the work of Giuseppe Fontana and Mark Setterfield, it presents a definitive proposal for reconciling horizontalism and structuralism through the incorporation of the money supply dynamics. This allows analyses of specifically localized cases, so that it can incorporate the main points previously established by Keynes. In order to reconcile theoretical development with the construction of monetary policy, it proceeds with the application to the Brazilian case after the Plano Real. The analysis allows showing the presence of structuralist and horizontalist characteristics, demonstrating the benefit that a theory that reconciles both approaches provides for economic analysis. Furthermore, it shows how the New Monetary Consensus, represented here only by Inflation Targeting model, appears to incorporate post-Keynesian critique, but still holds tight to the canons which were precisely the basis of criticism. Finally, it emphasizes the importance of realizing the exogenous determination of interest rates as a fundamental and inevitable element of political influence on economic decisions.