The use of money and credit measures in contemporary monetary policy

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The use of money and credit measures in contemporary monetary policy

Author Info

Chris Bloor
Chris Hunt
Tim Ng
Hamish Pepper (Reserve Bank of New Zealand)

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Abstract

The changing interaction between economic and financial developments around the world is prompting lively debate in the academic and central banking community about the use of money and credit measures in contemporary monetary policy formulation. Currently, money and credit measures generally have a fairly low, but arguably increasing, profile in the panoply of models and economic indicators used in central banks’ assessments of the economic outlook. Some prominent academics and central banks advocate increased emphasis on money and credit measures. In this view, credit developments in particular can materially enrich our understanding of the economic outlook when financial asset markets and the price of credit risk are moving substantially. At the same time, there are prominent sceptics on the specific value of money in understanding and predicting inflation. In New Zealand monetary policy formulation, we tend to focus on disaggregated credit measures, and mostly to provide corroborating information about particular developments in the various sectors of the economy. Increasing international financial integration and a greater emphasis on the interaction between financial stability assessment and monetary policy may see increased use and profile of credit measures in the future.

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Article provided by Reserve Bank of New Zealand in its journal Reserve Bank of New Zealand Bulletin.

Volume (Year): 71 (2008)
Issue (Month): (March)
Pages:
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Handle: RePEc:nzb:nzbbul:march2008:2

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References listed on IDEAS
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Reynard, Samuel, 2007. "Maintaining low inflation: Money, interest rates, and policy stance," Journal of Monetary Economics, Elsevier, vol. 54(5), pages 1441-1471, July. [Downloadable!] (restricted)
Other versions:
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- Reynard, Samuel, 2007. "Maintaining Low Inflation: Money, Interest Rates, and Policy Stance," Working Papers 2007-5, Swiss National Bank. [Downloadable!]
David Longworth, 2003. "Money in the Bank (of Canada)," Technical Reports 93, Bank of Canada. [Downloadable!]
Michael Woodford, 1998. "Doing Without Money: Controlling Inflation in a Post-Monetary World," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 173-219, January. [Downloadable!] (restricted)
Other versions:
- Woodford, M., 1997. "Doing Without Money: Controlling Inflation in a Post-Monetary World," Papers 632, Stockholm - International Economic Studies.
- Woodford, Michael, 1997. "Doing Without Money: Controlling Inflation in a Post-Monetary World," Seminar Papers 632, Stockholm University, Institute for International Economic Studies.
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John Tait, 1989. "The use of monetary aggregates as monetary policy indicators," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 52, December. [Downloadable!]
W A Razzak, 2001. "Money in the era of inflation targeting," Reserve Bank of New Zealand Discussion Paper Series DP2001/02, Reserve Bank of New Zealand. [Downloadable!]

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