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The majority of economists would admit that money is powerful and that changes in money will impact the economy. Monetary theory analyzes and determines how changes in the supply of money affect the economy. This book details the collection of policies that use monetary tools known as monetary policy. For example, the main monetary authority of a country is its central bank. In the United States it is called the Federal Reserve Bank System (Fed), which is a federation of 12 Federal Reserve Banks. The Fed is responsible for initiating printing of money, monitoring the interest rate, and...

Nonparametric statistics provide a scientific methodology for cases where customary statistics are not applicable. Nonparametric statistics are used when the requirements for parametric analysis fail, such as when data are not normally distributed or the sample size is too small. The method provides an alternative for such cases and is often nearly as powerful as parametric statistics. Another advantage of nonparametric statistics is that it offers analytical methods that are not available otherwise. Nonparametric methods are intuitive and simple to comprehend, which helps researchers in...

Undoubtedly, what happens to the economy affects the lives of the citizens of a country, and often the lives of people in other countries around the globe. In addition to natural disasters two things affect the economy more than anything else: monetary and fiscal policies. Fiscal policy and monetary policy represent forms of government intervention to influence market performance. Fiscal policy relates to government spending and revenue collection; monetary policy relates to the supply of money, which is controlled by factors such as reserve requirements and interest rates. If there were a...

Nonparametric statistics provide a scientific methodology for cases where customary statistics are not applicable. Nonparametric statistics are used when the requirements for parametric analysis fail, such as when data are not normally distributed or the sample size is too small. The method provides an alternative for such cases and is often nearly as powerful as parametric statistics. Another advantage of nonparametric statistics is that it offers analytical methods that are not available otherwise. Nonparametric methods are intuitive and simple to comprehend, which helps researchers in...

There are several powerful statistical analysis software, such as Stata, SAS, and a host of other packages with different levels of elegance, completeness, and support. Preferred is Stata because of its extensive contributions from its users and reliable technical support. I will add Stata commands to perform all the examples of the book. The commands are simple and quick to run. I will provide an appendix with the list of the commands used in the manuscript, their syntax, and a brief description of the output they create.
Updated data for all the examples using the most recent...