Details about Rik Hafer

Access statistics for papers by Rik Hafer.

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Short-id: pha252

Working Papers

2003

1. The Effect of Monetary Policy on Economic Output
   Working Papers, Department of Economics, University of Missouri

2001

2. Bank failures in banking panics: Risky banks or road kill?
   FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (4)
3. Detrending and the money-output link: International evidence
   ZEI Working Papers, University of Bonn, ZEI - Center for European Integration Studies View citations (1)
   See also Journal Article Detrending and the Money‐Output Link: International Evidence, Southern Economic Journal, John Wiley & Sons (2002) (2002)

1994

4. Monetary base rules: the currency caveat
   Working Papers, Federal Reserve Bank of Dallas

1991

5. Evaluating monetary base targeting rules
   Working Papers, Federal Reserve Bank of Dallas View citations (7)

1990

6. THE DEMAND FOR MONEY IN THE UNITED STATES: EVIDENCE FROM COINTEGRATION TESTS
   Working Papers, Erasmus University of Rotterdam - Institute for Economic Research View citations (2)
   See also Journal Article The Demand for Money in the United States: Evidence from Cointegration Tests, Journal of Money, Credit and Banking, Blackwell Publishing (1991) View citations (119) (1991)

1989

7. Do fundamentals, bubbles or neither determine stock prices? Some international evidence
   Working Papers, Federal Reserve Bank of St. Louis View citations (3)

1988

8. Forecasting inflation using interest rate and time-series models: some international evidence
   Working Papers, Federal Reserve Bank of St. Louis View citations (1)
   See also Journal Article Forecasting Inflation Using Interest-Rate and Time-Series Models: Some International Evidence, The Journal of Business, University of Chicago Press (1990) View citations (1) (1990)
9. Stock prices, inflation and real activity: a test of the Fama hypothesis, 1920-84
   Working Papers, Federal Reserve Bank of St. Louis

1987

10. On the response of interest rates to unexpected weekly money: are policy changes important?
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
11. On the sensitivity of VAR forecasts to alternative lag structures
    Working Papers, Federal Reserve Bank of St. Louis View citations (1)
    See also Journal Article The sensitivity of VAR forecasts to alternative lag structures, International Journal of Forecasting, Elsevier (1989) View citations (27) (1989)
12. Policy inference using VAR models: the effects of alternative lag structures
    Working Papers, Federal Reserve Bank of St. Louis View citations (1)

1986

13. A note on the temporal stability of the interest rate-weekly money relationship
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
14. Federal government debt and inflation: evidence from Granger causality tests
    Working Papers, Federal Reserve Bank of St. Louis

1985

15. A look at the ASA-NBER inflation forecasts: tests of rationality and formation
    Working Papers, Federal Reserve Bank of St. Louis
16. Comparing Multi-State Kalman Filter and ARIMA forecasts: an application to the money multiplier
    Working Papers, Federal Reserve Bank of St. Louis View citations (1)
17. Forecasting economic activity: comparing the accuracy of survey and time series predictions
    Working Papers, Federal Reserve Bank of St. Louis
18. Further evidence on stock price response to changes in weekly money and the discount rate
    Working Papers, Federal Reserve Bank of St. Louis
19. Inflation uncertainty and a test of the Friedman hypothesis
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
    See also Journal Article Inflation uncertainty and a test of the Friedman hypothesis, Journal of Macroeconomics, Elsevier (1986) View citations (16) (1986)
20. Investigating weekly survey forecasts of the federal funds rate
    Working Papers, Federal Reserve Bank of St. Louis

1984

21. Choosing between M1 and debt as an intermediate target for monetary policy
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article Choosing between M1 and debt as an intermediate target for monetary policy, Carnegie-Rochester Conference Series on Public Policy, Elsevier (1985) (1985)
22. Currency substitution and the link between money and GNP in the U.S.: 1972-83
    Working Papers, Federal Reserve Bank of St. Louis
23. On the accuracy of time series, interest rate and survey forecasts of inflation
    Working Papers, Federal Reserve Bank of St. Louis View citations (8)
    See also Journal Article On the Accuracy of Time-Series, Interest Rate, and Survey Forecasts of Inflation, The Journal of Business, University of Chicago Press (1985) View citations (20) (1985)
24. Price expectations and the demand for money: a comment
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article Price Expectations and the Demand for Money: A Comment, The Review of Economics and Statistics, MIT Press (1986) View citations (3) (1986)
25. Relative price variability: evidence from supply and demand events
    Working Papers, Federal Reserve Bank of St. Louis
    Also in Working Papers, Federal Reserve Bank of St. Louis (1982)
    See also Journal Article Relative price variability: Evidence from supply and demand events, Journal of Monetary Economics, Elsevier (1985) View citations (1) (1985)
26. The effectiveness of combining forecasts: evidence using macroeconomic variables
    Working Papers, Federal Reserve Bank of St. Louis
27. The impact of international factors on U. S. inflation: an empirical test of the currency substitution hypothesis
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
28. The independence of farm output and macro variables: some evidence from the business cycle
    Working Papers, Federal Reserve Bank of St. Louis

1983

29. Comparing time-series and survey forecasts of weekly changes in money: a methodological note
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article Comparing Time-Series and Survey Forecasts of Weekly Changes in Money: A Methodological Note, Journal of Finance, American Finance Association (1984) View citations (2) (1984)
30. Money management effects and the demand for money: an empirical analysis
    Working Papers, Federal Reserve Bank of St. Louis
31. Predicting the money multiplier: forecasts from component and aggregate models
    Working Papers, Federal Reserve Bank of St. Louis View citations (1)
    See also Journal Article Predicting the money multiplier: Forecasts from component and aggregate models, Journal of Monetary Economics, Elsevier (1984) View citations (10) (1984)
32. Some evidence on selecting an intermediate target of monetary policy
    Working Papers, Federal Reserve Bank of St. Louis View citations (5)
33. The FOMC directive and the Treasury-bill futures market: could inside information produce profits?
    Working Papers, Federal Reserve Bank of St. Louis
34. The formation of expectations: some evidence from weekly money supply forecasts
    Working Papers, Federal Reserve Bank of St. Louis View citations (1)
    See also Journal Article The formation of expectations: Some evidence from weekly money supply forecasts, Economics Letters, Elsevier (1983) View citations (1) (1983)
35. The stability of the short-run money demand function, 1920-1939
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article The stability of the short-run money demand function, 1920-1939, Explorations in Economic History, Elsevier (1985) View citations (1) (1985)
36. The term structure of interest rates in a short-run money demand function: non-nested test results
    Working Papers, Federal Reserve Bank of St. Louis

1982

37. A warning on the use of the Cochrane-Orcutt procedure based on a money demand equation for the United States
    Working Papers, Federal Reserve Bank of St. Louis
38. Econometric limitations of Fama's interest rate and inflationary expectations framework
    Working Papers, Federal Reserve Bank of St. Louis
39. Financial innovations and the interest elasticity of money demand: some historical evidence
    Working Papers, Federal Reserve Bank of St. Louis View citations (8)
40. The monetary base or M1? results from a small macromodel
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article The monetary base or M1? results from a small macromodel, Journal of Economics and Business, Elsevier (1984) (1984)

1981

41. A Warning on the Use of the Cochrane-Orcutt Procedure Based on a Real Example Containing a Lagged Endogenous Variable
    Cahiers de recherche, Universite de Montreal, Departement de sciences economiques
42. Further evidence on choosing an operating target for monetary policy
    Working Papers, Federal Reserve Bank of St. Louis
43. Further evidence on the stability of the short-run demand for money
    Working Papers, Federal Reserve Bank of St. Louis
44. Investigating the shift in money demand: an econometric analysis
    Working Papers, Federal Reserve Bank of St. Louis View citations (1)
45. Money demand and the term structure of interest rates: some consistent estimates
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article Money demand and the term structure of interest rates: Some consistent estimates, Journal of Monetary Economics, Elsevier (1983) View citations (1) (1983)
46. On the rationality of inflation forecasts: a new look at the Livingston data
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
47. The demand for transactions deposits: was there a shift in the relationship?
    Working Papers, Federal Reserve Bank of St. Louis
    See also Journal Article The demand for transactions deposits: Was there a shift in the relationship?, Journal of Macroeconomics, Elsevier (1982) View citations (3) (1982)

Journal Articles

2021

1. Stephanie Kelton: The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy
   Business Economics, 2021, 56, (4), 252-254

2015

2. Are entrepreneurship and cognitive skills related? Some international evidence
   Small Business Economics, 2015, 44, (2), 283-298 View citations (24)
3. ECONOMIC FREEDOM AND STATE BOND RATINGS
   Contemporary Economic Policy, 2015, 33, (4), 668-677 View citations (3)

2013

4. Darryl Francis and the Making of Monetary Policy, 1966-1975
   Review, 2013, (Nov), 469-486
   Also in Review, 2003, 85, (Mar), 1-12 (2003) View citations (4)
5. Do Changes in Economic Freedom affect Well-Being?
   Journal of Regional Analysis and Policy, 2013, 43, (01) View citations (17)
6. Economic Freedom and Financial Development: International Evidence
   Cato Journal, 2013, 33, (1), 111-126 View citations (11)
7. Entrepreneurship and state economic growth
   Journal of Entrepreneurship and Public Policy, 2013, 2, (1), 67-79 View citations (16)

2008

8. Dynamic IS curves with and without money: An international comparison
   Journal of International Money and Finance, 2008, 27, (4), 609-616 View citations (23)

2007

9. On money and output: Is money redundant?
   Journal of Monetary Economics, 2007, 54, (3), 945-954 View citations (45)

2002

10. Detrending and the Money‐Output Link: International Evidence
    Southern Economic Journal, 2002, 69, (1), 159-174
    See also Working Paper Detrending and the money-output link: International evidence, ZEI Working Papers (2001) View citations (1) (2001)
11. ¿Qué perdura del monetarismo?
    Monetaria, 2002, XXV, (3), 205-246

2001

12. FINANCIAL INNOVATION AND THE DEMAND FOR MONEY: EVIDENCE FROM THE PHILIPPINES
    International Economic Journal, 2001, 17, (1), 17-27 View citations (5)
13. The rise and fall of a policy rule: monetarism at the St. Louis Fed, 1968-1986
    Review, 2001, 83, (Jan), 1-24 View citations (10)
14. What remains of monetarism?
    Economic Review, 2001, 86, (Q4), 13-33 View citations (7)

1999

15. Against the tide: Malcolm Bryan and the introduction of monetary aggregate targets
    Economic Review, 1999, 84, (Q1), 20-37 View citations (3)
16. Are money growth and inflation still related?
    Economic Review, 1999, 84, (Q2), 32-43 View citations (55)

1998

17. The federal government's budget surplus: Cause for celebration?
    Economic Review, 1998, 83, (Q 3), 42-51 View citations (2)

1997

18. Linkage in EMS term structures: evidence from common trend and transitory components
    Journal of International Money and Finance, 1997, 16, (4), 595-607 View citations (33)
19. More Evidence on the Money-Output Relationship
    Economic Inquiry, 1997, 35, (1), 48-58 View citations (25)

1996

20. Implementing monetary base rules: The currency problem
    Journal of Economics and Business, 1996, 48, (5), 461-472 View citations (4)

1994

21. A Long-Run View of German Dominance and the Degree of Policy Convergence in the EMS
    Economic Inquiry, 1994, 32, (4), 684-95 View citations (38)
22. Monetary policy and recent business-cycle experience
    Economic and Financial Policy Review, 1994, (Q III), 14-28 View citations (1)

1993

23. Further Evidence on Money, Output, and Prices in China
    Journal of Comparative Economics, 1993, 17, (3), 701-709 View citations (20)

1992

24. Inflation and price instability in China: A comment
    China Economic Review, 1992, 3, (2), 213-218 View citations (2)
25. Market and Survey Forecasts of the Three-Month Treasury-Bill Rate
    The Journal of Business, 1992, 65, (1), 123-38 View citations (17)

1991

26. Policy Inference Using VAR Models
    Economic Inquiry, 1991, 29, (1), 44-52 View citations (20)
27. The Demand for Money in the United States: Evidence from Cointegration Tests
    Journal of Money, Credit and Banking, 1991, 23, (2), 155-68 View citations (119)
    See also Working Paper THE DEMAND FOR MONEY IN THE UNITED STATES: EVIDENCE FROM COINTEGRATION TESTS, Working Papers (1990) View citations (2) (1990)

1990

28. Forecasting Inflation Using Interest-Rate and Time-Series Models: Some International Evidence
    The Journal of Business, 1990, 63, (1), 1-17 View citations (1)
    See also Working Paper Forecasting inflation using interest rate and time-series models: some international evidence, Working Papers (1988) View citations (1) (1988)

1989

29. Comparing futures and survey forecasts of near-term Treasury bill rates
    Review, 1989, (May), 33-42 View citations (9)
30. Does dollar depreciation cause inflation?
    Review, 1989, (Jul), 16-28 View citations (7)
31. Interest rates and economic announcements
    Review, 1989, (Mar), 34-46 View citations (28)
32. The sensitivity of VAR forecasts to alternative lag structures
    International Journal of Forecasting, 1989, 5, (3), 399-408 View citations (27)
    See also Working Paper On the sensitivity of VAR forecasts to alternative lag structures, Working Papers (1987) View citations (1) (1987)

1988

33. Are national stock markets linked?
    Review, 1988, (Nov), 3-14 View citations (32)
34. Do fundamentals, bubbles, or neither explain stock prices? Some international evidence
    Proceedings, 1988, 31-79
35. Further Evidence on the Relationship between Federal Government Debt and Inflation
    Economic Inquiry, 1988, 26, (2), 239-51 View citations (11)
36. Is money irrelevant?
    Review, 1988, (May), 3-17 View citations (40)
37. On the Temporal Stability of the Interest Rate-Weekly Money Relationship
    The Review of Economics and Statistics, 1988, 70, (3), 516-20 View citations (6)
38. The FOMC IN 1987: the effects of a falling dollar and the stock market collapse
    Review, 1988, (Mar), 3-16
39. The stock market--bubbles, volatility and chaos: proceedings of the thirteenth annual Economic Policy Conference, held on October 21-22, 1988
    Proceedings, 1988 View citations (2)

1986

40. How open is the U.S. economy?: proceedings of the tenth annual Economic Policy Conference held on October 12-13, 1985
    Proceedings, 1986
41. Inflation uncertainty and a test of the Friedman hypothesis
    Journal of Macroeconomics, 1986, 8, (3), 365-372 View citations (16)
    See also Working Paper Inflation uncertainty and a test of the Friedman hypothesis, Working Papers (1985) View citations (2) (1985)
42. Price Expectations and the Demand for Money: A Comment
    The Review of Economics and Statistics, 1986, 68, (3), 539-42 View citations (3)
    See also Working Paper Price expectations and the demand for money: a comment, Working Papers (1984) (1984)
43. The FOMC in 1985: reacting to declining M1 velocity
    Review, 1986, (Feb), 5-21 View citations (1)
44. The response of stock prices to changes in weekly money and the discount rate
    Review, 1986, (Mar), 5-14 View citations (15)

1985

45. Choosing between M1 and debt as an intermediate target for monetary policy
    Carnegie-Rochester Conference Series on Public Policy, 1985, 22, (1), 89-132
    See also Working Paper Choosing between M1 and debt as an intermediate target for monetary policy, Working Papers (1984) (1984)
46. Corrigendum [A Warning on the Use of the Cochrane-Orcutt Procedure Based on a Money Demand Equation]
    Empirical Economics, 1985, 10, (4), 275
47. Monetary stabilization policy: evidence from money demand forecasts
    Review, 1985, 67, (May), 21-26 View citations (4)
48. Money Demand Predictability: Comment
    Journal of Money, Credit and Banking, 1985, 17, (4), 642-46 View citations (2)
49. Money, income and currency substitution: evidence from three countries
    Review, 1985, 67, (May), 27-35 View citations (2)
50. On the Accuracy of Time-Series, Interest Rate, and Survey Forecasts of Inflation
    The Journal of Business, 1985, 58, (4), 377-98 View citations (20)
    See also Working Paper On the accuracy of time series, interest rate and survey forecasts of inflation, Working Papers (1984) View citations (8) (1984)
51. Relative price variability: Evidence from supply and demand events
    Journal of Monetary Economics, 1985, 15, (3), 333-341 View citations (1)
    See also Working Paper Relative price variability: evidence from supply and demand events, Working Papers (1984) (1984)
52. The FOMC in 1983-84: setting policy in an uncertain world
    Review, 1985, 67, (Apr), 15-37
53. The stability of the short-run money demand function, 1920-1939
    Explorations in Economic History, 1985, 22, (3), 271-295 View citations (1)
    See also Working Paper The stability of the short-run money demand function, 1920-1939, Working Papers (1983) (1983)

1984

54. Comparing Time-Series and Survey Forecasts of Weekly Changes in Money: A Methodological Note
    Journal of Finance, 1984, 39, (4), 1207-13 View citations (2)
    See also Working Paper Comparing time-series and survey forecasts of weekly changes in money: a methodological note, Working Papers (1983) (1983)
55. Currency substitution: a test of its importance
    Review, 1984, 66, (Aug), 5-11 View citations (9)
56. Examining the recent behavior of inflation
    Review, 1984, 66, (Aug), 29-39 View citations (1)
57. Financial Innovations and the Interest Elasticity of Money Demand: Some Historical Evidence: A Note
    Journal of Money, Credit and Banking, 1984, 16, (2), 247-52 View citations (9)
58. Measuring the opportunity cost of holding money: More evidence on the term structure of interest rates
    Economics Letters, 1984, 16, (1-2), 105-111 View citations (1)
59. Money, debt and economic activity
    Review, 1984, 66, (Jun), 18-25
60. Predicting the money multiplier: Forecasts from component and aggregate models
    Journal of Monetary Economics, 1984, 14, (3), 375-384 View citations (10)
    See also Working Paper Predicting the money multiplier: forecasts from component and aggregate models, Working Papers (1983) View citations (1) (1983)
61. The monetary base or M1? results from a small macromodel
    Journal of Economics and Business, 1984, 36, (1), 85-93
    See also Working Paper The monetary base or M1? results from a small macromodel, Working Papers (1982) (1982)
62. The money-GNP link: assessing alternative transaction measures
    Review, 1984, 66, (Mar), 19-27 View citations (8)

1983

63. A Warning on the Use of the Cochrane-Orcutt Procedure Based on a Money Demand Equation
    Empirical Economics, 1983, 8, (2), 111-17
64. Forecasting the money multiplier: implications for money stock control and economic activity
    Review, 1983, 65, (Oct), 22-33 View citations (4)
65. Inflation: assessing its recent behavior and future prospects
    Review, 1983, 65, (Aug), 36-41 View citations (3)
66. Monetary policy and the price rule: the newest odd couple
    Review, 1983, 65, (Feb), 5-13 View citations (3)
67. Money demand and the term structure of interest rates: Some consistent estimates
    Journal of Monetary Economics, 1983, 11, (1), 129-132 View citations (1)
    See also Working Paper Money demand and the term structure of interest rates: some consistent estimates, Working Papers (1981) (1981)
68. The formation of expectations: Some evidence from weekly money supply forecasts
    Economics Letters, 1983, 13, (4), 367-372 View citations (1)
    See also Working Paper The formation of expectations: some evidence from weekly money supply forecasts, Working Papers (1983) View citations (1) (1983)
69. The prime rate and the cost of funds: is the prime too high?
    Review, 1983, 65, (May), 17-21 View citations (3)
70. The relative impact of monetary and fiscal actions on economic activity: a cross-country comparison
    Review, 1983, 65, (Jan), 5-12 View citations (18)
71. The wayward money supply: a post-mortem of 1982
    Review, 1983, 65, (Mar), 17-25 View citations (1)
72. Weekly money supply forecasts: effects of the October 1979 change in monetary control procedures
    Review, 1983, 65, (Apr), 26-32 View citations (2)

1982

73. Monetary policy and short-term real rates of interest
    Review, 1982, 64, (Mar), 13-19 View citations (2)
74. Short-run monetary growth fluctuations and real economic activity: some implications for monetary targeting
    Review, 1982, 64, (May), 15-20
75. The Stability of the Demand for Money: Evidence from the Post-1973 Period: A Comment
    The Review of Economics and Statistics, 1982, 64, (2), 355-57
76. The demand for transactions deposits: Was there a shift in the relationship?
    Journal of Macroeconomics, 1982, 4, (3), 363-370 View citations (3)
    See also Working Paper The demand for transactions deposits: was there a shift in the relationship?, Working Papers (1981) (1981)
77. The role of fiscal policy in the St. Louis equation
    Review, 1982, 64, (Jan), 17-22 View citations (2)
78. The shift in money demand: what really happened?
    Review, 1982, 64, (Feb), 11-16 View citations (6)

1981

79. J. S. Mill, Unions, and the Wages Fund Recantation: A Reinterpretation—Reply
    The Quarterly Journal of Economics, 1981, 96, (3), 543-549
80. Much ado about M2
    Review, 1981, 63, (Oct), 13-18 View citations (1)
81. Selecting a monetary indicator: a test of the new monetary aggregates
    Review, 1981, 63, (Feb), 12-18
82. The impact of energy prices and money growth on five industrial countries
    Review, 1981, 63, (Mar), 19-26 View citations (1)
83. The relationship between inflation and its variability: International evidence from the 1970s
    Journal of Macroeconomics, 1981, 3, (4), 571-577 View citations (7)

1980

84. The \\"rationality\\" of survey-based inflation forecasts
    Review, 1980, 62, (Nov), 3-11 View citations (3)
85. The dynamics and estimation of short-run money demand
    Review, 1980, 62, (Mar), 26-35 View citations (8)
86. The new monetary aggregates
    Review, 1980, 62, (Feb), 25-32 View citations (2)
87. The value-added tax: a review of the issues
    Review, 1980, 62, (Jan), 3-10 View citations (1)

1979

88. A Note on Education, Alienation, and the Production Function
    The American Economist, 1979, 23, (1), 53-54
89. Evidence on the temporal stability of the demand for money relationship in the United States
    Review, 1979, 61, (Dec), 3-14 View citations (10)

1978

90. J. S. Mill, Unions, and the Wages Fund Recantation: A Reinterpretation
    The Quarterly Journal of Economics, 1978, 92, (4), 603-619

1977

91. State budget sizes and the marginal productivity of governors: An extension
    Public Choice, 1977, 32, (1), 143-149 View citations (2)