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Monetary Aggregates as Monetary Targets: A Statistical Investigation

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  • Roberds, William
  • Whiteman, Charles H

Abstract

In this paper, the authors analyze statistical properties of the monetary base, M1, and M2 for the postwar U.S. data record. The authors are specifically interested in answering three policy-related questions. First, to what extent do these monetary aggregates contain information useful for predicting movements in prices and real output? Second, how do the aggregates rank as to their predictive usefulness? Third, how do these aggregates rank as to the stability of their relationship to the macroeconomy? Copyright 1992 by Ohio State University Press.

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Bibliographic Info

Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 24 (1992)
Issue (Month): 2 (May)
Pages: 141-61

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Handle: RePEc:mcb:jmoncb:v:24:y:1992:i:2:p:141-61

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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Cited by:
  1. Anthony Garratt & Gary Koop & Emi Mise & Shaun Vahey, 2008. "Real-time Prediction with UK Monetary Aggregates in the Presence of Model Uncertainty," Reserve Bank of New Zealand Discussion Paper Series DP2008/13, Reserve Bank of New Zealand.
  2. Boyes, William J. & Mounts, WM. Jr. & Sowell, Clifford & Payne, James E., 1996. "All politics is local: The effect of fiscal and monetary constitutions on economic policy," Journal of Macroeconomics, Elsevier, vol. 18(4), pages 657-678.
  3. Rossiter, R. D., 1995. "Monetary policy indicators after deregulation," The Quarterly Review of Economics and Finance, Elsevier, vol. 35(2), pages 207-223.
  4. Mounts, Wm. Jr. & Sowell, Clifford, 1995. "A statistical note on possible institutional regimes in budget policy," Journal of Macroeconomics, Elsevier, vol. 17(1), pages 149-160.
  5. Ellis W. Tallman & Naveen Chandra, 1997. "Financial aggregates as conditioning information for Australian output and inflation," Working Paper 97-8, Federal Reserve Bank of Atlanta.
  6. Richard M. Todd, 1990. "Vector autoregression evidence on monetarism: another look at the robustness debate," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 19-37.

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