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M0: Causes and Consequences

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  • Breedon, F J
  • Fisher, P G

Abstract

This paper addresses some practical issues in understanding the determinants of U.K. M0 (the monetary base) and its informational content. The first three issues relate to the estimation of a demand for M0 equation: explaining the trend in velocity, the choice of scale variable, and the partial response of M0 to changes in interest rates. These issues are explored using annual, quarterly, and monthly data. The final topic is the use of M0 in predicting inflation. The authors' simple tests support the growing literature which suggests that M0 is a relatively good leading indicator of inflation. Copyright 1996 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Bibliographic Info

Article provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.

Volume (Year): 64 (1996)
Issue (Month): 4 (December)
Pages: 371-87

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Handle: RePEc:bla:manch2:v:64:y:1996:i:4:p:371-87

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Cited by:
  1. A Garratt & K Lee & M Pesaran & Yongcheol Shin, 2004. "A long run structural macroeconometric model of the UK," ESE Discussion Papers 35, Edinburgh School of Economics, University of Edinburgh.
  2. Scott Hendry, 1995. "Long-Run Demand for M1," Macroeconomics 9511001, EconWPA.
  3. Chadha, Jagjit S & Haldane, Andrew G & Janssen, Norbert G J, 1998. "Shoe-Leather Costs Reconsidered," Economic Journal, Royal Economic Society, vol. 108(447), pages 363-82, March.
  4. Hasan Bakhshi & Andrew G. Haldane & Neal Hatch, 1998. "Some Costs and Benefits of Price Stability in the United Kingdom," NBER Working Papers 6660, National Bureau of Economic Research, Inc.
  5. Ramon Moreno & Reuven Glick, 2001. "Is money still useful for policy in East Asia?," Pacific Basin Working Paper Series 2001-12, Federal Reserve Bank of San Francisco.
  6. Bonin, Holger & Zimmermann, Klaus F., 2000. "The Post-Unification German Labor Market," IZA Discussion Papers 185, Institute for the Study of Labor (IZA).
  7. Norbert Janssen, 1998. "The demand for M0 in the United Kingdom reconsidered: some specification issues," Bank of England working papers 83, Bank of England.
  8. Mohammad Hasan, 2005. "The information content of M0 in the United Kingdom," Applied Economics Letters, Taylor & Francis Journals, vol. 12(11), pages 711-717.
  9. Fischer, Björn & Köhler, Petra & Seitz, Franz, 2004. "The demand for euro area currencies: past, present and future," Working Paper Series 0330, European Central Bank.

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