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Interpreting recent changes in monetary aggregates

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In 1994, broad monetary aggregates such as M2+ grew at an unusually slow rate, indicating a continuation of low inflation. Narrow money, M1, ballooned early in the year, partly for technical reasons. However, its overall deceleration for the year as a whole would be consistent with lower output growth in the first half of 1995 than was seen the year before. During the first half of 1994, there was a continued shift by investors from deposits into equity, bond and mortgage mutual funds. In the second half of the year, following a rise in interest rates and a fall in the yields posted by mutual funds, there was a movement back into M2+. In this annual review of the monetary aggregates, the author discusses the reasons for these shifts and their implications for M2+.

Suggested Citation

  • Kevin Clinton, 1995. "Interpreting recent changes in monetary aggregates," Bank of Canada Review, Bank of Canada, vol. 1995(Spring), pages 3-16.
    • Handle: RePEc:bca:bcarev:v:1995:y:1995:i:spring95:p:3-16
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    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates

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