How Informative Are Preliminary Announcements of the Money Stock in Canada?
AbstractThe authors examine hypotheses about the relation between provisional estimates and final values of M1, M2, and M3, and their growth rates in Canada, using monthly data and multiple revisions. Preliminary values cannot be viewed as final values plus an error (revision) uncorrelated with these, but they are approximately unbiased forecasts of final values. The second difference in short-term interest rates is a leading indicator of revisions in M1 growth rates and revisions exhibit significant seasonality; hence preliminary values are not completely rational forecasts.
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Bibliographic InfoArticle provided by Canadian Economics Association in its journal Canadian Journal of Economics.
Volume (Year): 22 (1989)
Issue (Month): 3 (August)
Contact details of provider:
Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
Web page: http://economics.ca/cje/
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Other versions of this item:
- Ross Milbourne & Gregor W. Smith, 1988. "How Informative are Preliminary Announcements of the Money Stock in Canada?," Working Papers 716, Queen's University, Department of Economics.
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- Chris Bajada, 2001.
"The Effects of Inflation and the Business Cycle on Revisions of Macroeconomic Data,"
Working Paper Series
110, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
- Christopher Bajada, 2002. "The Effects of Inflation and the Business Cycle on Revisions of Macroeconomic Data," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 35(3), pages 276-286.
- Faust, Jon & Rogers, John H & Wright, Jonathan H, 2005.
"News and Noise in G-7 GDP Announcements,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 37(3), pages 403-19, June.
- Smith, Gregor W., 2009.
"Pooling forecasts in linear rational expectations models,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 33(11), pages 1858-1866, November.
- Gregor W. Smith, 2007. "Pooling Forecasts in Linear Rational Expectations Models," Working Papers 1129, Queen's University, Department of Economics.
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