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MZM: a monetary aggregate for the 1990s?

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Author Info

  • John B. Carlson
  • Benjamin D. Keen

Abstract

A presentation of some tentative evidence that MZM, an alternative money measure comprising all instruments payable at par on demand, has exhibited a fairly stable relationship with nominal GDP and with its own opportunity cost in recent years, suggesting a potential role for policy.

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File URL: http://www.clevelandfed.org/Research/Review/1996/96-q2-carlson.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Cleveland in its journal Economic Review.

Volume (Year): (1996)
Issue (Month): Q II ()
Pages: 15-23

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Handle: RePEc:fip:fedcer:y:1996:i:qii:p:15-23

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Related research

Keywords: Monetary policy ; Money supply;

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Cited by:
  1. Fernando Alvarez & Francesco Lippi, 2010. "Persistent Liquidity Effect and Long Run Money Demand," EIEF Working Papers Series 1017, Einaudi Institute for Economic and Finance (EIEF), revised Oct 2010.
  2. Christian Heebøll-Christensen, 2011. "Financial Instability - a Result of Excess Liquidity or Credit Cycles?," Discussion Papers 11-21, University of Copenhagen. Department of Economics.
  3. Inagaki, Kazuyuki, 2009. "Estimating the interest rate semi-elasticity of the demand for money in low interest rate environments," Economic Modelling, Elsevier, vol. 26(1), pages 147-154, January.

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