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Financial Technology Shocks and the Case of the Missing M2

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Author Info
Duca, John V

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Abstract

M2 growth was unusually weak in the early-1990s when its velocity soared. Although M2 growth subsequently recovered, its velocity plateaued at a high level, giving rise to a case of missing money. These swings in M2 growth have accompanied opposite swings in bond mutual fund inflows. M2 growth is better tracked and the "missing M2" problem is resolved when money models are modified to account for shifts in bond mutual fund costs. This approach avoids the capital gains and portfolio substitution problems posed by adding bond or equity funds to M2, while capturing the substitution effects relevant to money demand.

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

Volume (Year): 32 (2000)
Issue (Month): 4 (November)
Pages: 820-39
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Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:820-39

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

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  1. Mierzejewski, Fernando, 2006. "Liquidity preference as rational behaviour under uncertainty," MPRA Paper 2771, University Library of Munich, Germany. [Downloadable!]
  2. Mierzejewski, Fernando, 2007. "The Money Demand with Random Output and Limited Access to Debt," MPRA Paper 6688, University Library of Munich, Germany. [Downloadable!]
  3. John V. Duca, 2004. "Why have U.S. households increasingly relied on mutual funds to own equity?," Working Papers 04-03, Federal Reserve Bank of Dallas. [Downloadable!]
  4. Mierzejewski, Fernando, 2007. "An actuarial approach to short-run monetary equilibrium," MPRA Paper 2424, University Library of Munich, Germany. [Downloadable!]
  5. Columba, Francesco, 2009. "Narrow money and transaction technology: new disaggregated evidence," MPRA Paper 12689, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  6. Yu Hsing, 2006. "Tests Of Functional Forms, Currency Substitution, And Capital Mobility Of Czech Money Demand Function," Prague Economic Papers, University of Economics, Prague, vol. 2006(4), pages 291-299. [Downloadable!] (restricted)
  7. Mierzejewski, Fernando, 2008. "The optimal liquidity principle with restricted borrowing," MPRA Paper 12549, University Library of Munich, Germany. [Downloadable!]
  8. Laurence Ball, 2002. "Short-run Money Demand," Economics Working Paper Archive 481, The Johns Hopkins University,Department of Economics. [Downloadable!]
    Other versions:
  9. Seth B. Carpenter & Joe Lange, 2003. "Money demand and equity markets," Finance and Economics Discussion Series 2003-03, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  10. David Cook & Woon Gyu Choi, 2007. "Financial Market Risk and U.S. Money Demand," IMF Working Papers 07/89, International Monetary Fund. [Downloadable!]
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