A Discussion of the Monetary Condition Index
The monetary conditions index (MCI) was developed in the early 1990s with the aim of capturing two of the important monetary transmission channels by combining both interest rates and exchange rates. This article examines the development of the MCI and explores the difficulties with implementing it as well as many of the problems associated with interpreting its results. These problems also need to be borne in mind with the recent interest in developing measures of how financial variables affect the economy through the development of financial condition indicators.
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Volume (Year): (2010)
Issue (Month): (January)
Pages: 68-80
| Handle: | RePEc:cbi:qtbart:y:2010:m:01:p:68-80 |
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References listed on IDEAS
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- Duguay, Pierre, 1994. "Empirical evidence on the strength of the monetary transmission mechanism in Canada: An aggregate approach," Journal of Monetary Economics, Elsevier, vol. 33(1), pages 39-61, February.
- Kimberly Beaton & René Lalonde & Corinne Luu, 2009. "A Financial Conditions Index for the United States," Discussion Papers 09-11, Bank of Canada.
- Ben S. Bernanke & Frederic S. Mishkin, 1997.
"Inflation Targeting: A New Framework for Monetary Policy?,"
NBER Working Papers
5893, National Bureau of Economic Research, Inc.
- Ben S. Bernanke & Frederic S. Mishkin, 1997. "Inflation Targeting: A New Framework for Monetary Policy?," Journal of Economic Perspectives, American Economic Association, vol. 11(2), pages 97-116, Spring.
- Sónia Costa, 2000. "Monetary conditions index," Economic Bulletin and Financial Stability Report Articles, Banco de Portugal, Economics and Research Department.
- Pier Francesco Asso & Robert Leeson, 2012. "Monetary Policy Rules - From Adam Smith to John Taylor," Book Chapters, in: Evan F. Koenig & Robert Leeson & George A. Kahn (ed.), The Taylor Rule and the Transformation of Monetary Policy, chapter 2 Hoover Institution, Stanford University.
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