Financial Innovation and the Control of Monetary Aggregates: Some Evidence from Canada

This paper presents an empirical test of the proposition that control of a monetary aggregate will generate a rise in its velocity.The test is carried out utilizing the Canadian experience of controlling Ml growth from 1975:3 to 1982:3. Section One of the paper presents evidence of the instability of the Canadian demand from Ml money since 1975:3. Section Two develops a specific form of the proposition which emphasizes the role of asset substitution between classes of chartered bank deposits. A relative asset demand equation is derived from a wealth maximization model subject to a technological transactions constraint and this equation is estimated from 1961 through 1982.The results lend support to the proposition that central bank control of Ml generated a rise in Ml velocity.

Monetary Neutrality

Prize Lecture to the memory of Alfred Nobel, December 7, 1995.Money neutrality;

Money and Interest in a Cash-in-Advance Economy

In this paper we analyze an aggregative general equilibrimi model in which the use of money is motivated by a cash-in-advance constraint, applied to purchases of a subset of consumption goods. The system is subject to both real and monetary shocks, which are economy-wide and observed by all. We develop methods for verifying the existence of, characterizing, and explicitly calculating equilibria. A main result of the analysis is that current money growth affects the current real allocation only insofar as it affects expectations about future money growth, i.e., only through its value as a signal.

Trade and the Diffusion of the Industrial Revolution

A model is proposed to describe the evolution of real GDPs in the world economy that is intended to apply to all open economies. The five parameters of the model are calibrated using the Sachs-Warner definition of openness and time-series and cross-section data on incomes and other variables from the 19th and 20th centuries. The model predicts convergence of income levels and growth rates and has strong but reasonable implications for transition dynamics.

MANAGING THE REVOLUTION IN INFORMATION TECHNOLOGY

Information Systems Working Papers Serie

ORGANIZATIONAL POWER AND THE INFORMATION SERVICES DEPARTMENT

A theory of intraorganizational power is discussed and applied to the information services department. The paper presents the results of a study of the power of five departments in 40 manufacturing plants. Hypotheses about the levels of power of information processing are not supported by the findings, however the power theory in general does receive support. Reasons for the unexpected results that the information services department is perceived as having low levels of power and influence in the organization are discussed. The paper suggests several explanations for the findings and possible problems in the organization. Recommendations to senior management and to the information services department are offered.Information Systems Working Papers Serie

INFORMATION PROCESSING IN TIE 1990's

Information processing technology has had a profound impact on organizations since the widespread adoption of computers in the 1950s. How will this technology influence management and organizations in the 1990s? Will there be a revolution of management theory and practice? The purpose of this paper is to present 1) significant trends in the technology and 2) to discuss how senior management can take advantage of the technology to change the fundamental nature of a business. What does the senior manager have to do to see that information technology is employed effectively in the 1990s? What technology is most appropriate for the firm and how should it be selected? How does the firm implement new technology?Information Systems Working Papers Serie

METHODOLOGICAL ISSUES IN INFORMATION SYSTEMS SURVEY RESEARCH

Empirical survey research has been extremely popular in the information systems field. However, survey researchers encounter a number of methodological problems in conducting their studies. This paper presents a model of the research process and uses it to organize a discussion of the difficulties encountered in doing IS survey research. The paper concludes with suggestions on how to improve the quality of IS survey research and improve the information systems field at the same time.Information Systems Working Papers Serie