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How do broader monetary aggregates and divisia measures of money perform in McCallum's adaptive monetary rule?

  • Thornton, Saranna Robinson
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    File URL: http://www.sciencedirect.com/science/article/B6V7T-3YHG83C-B/2/42156f7f02aa454e8e8fe22ca457e90c
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    Article provided by Elsevier in its journal Journal of Economics and Business.

    Volume (Year): 52 (2000)
    Issue (Month): 1-2 ()
    Pages: 181-204

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    Handle: RePEc:eee:jebusi:v:52:y:2000:i:1-2:p:181-204
    Contact details of provider: Web page: http://www.elsevier.com/locate/jeconbus

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    1. Daniel L. Thornton & Piyu Yue, 1992. "An extended series of divisia monetary aggregates," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 35-52.
    2. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
    3. Athanasios Orphanides, 1998. "Monetary policy rules based on real-time data," Finance and Economics Discussion Series 1998-03, Board of Governors of the Federal Reserve System (U.S.).
    4. Barnett, William A & Fisher, Douglas & Serletis, Apostolos, 1992. "Consumer Theory and the Demand for Money," Journal of Economic Literature, American Economic Association, vol. 30(4), pages 2086-2119, December.
    5. Engle, Robert F. & Yoo, Byung Sam, 1987. "Forecasting and testing in co-integrated systems," Journal of Econometrics, Elsevier, vol. 35(1), pages 143-159, May.
    6. Rotemberg, J.J. & Driscoll, J.C. & Poterba, J.M., 1991. "Money, Output, and Prices: Evidence from a New Monetary Aggregate," Working papers 585, Massachusetts Institute of Technology (MIT), Department of Economics.
    7. Michael T. Belongia, 1992. "Selecting an intermediate target variable for monetary policy when the goal is price stability," Working Papers 1992-008, Federal Reserve Bank of St. Louis.
    8. Sean Becketti & Charles Morris, 1992. "Does money still forecast economic activity?," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 65-77.
    9. Richard G. Anderson & Barry Jones & Travis Nesmith, 1996. "Monetary aggregation theory and statistical index numbers," Working Papers 1996-007, Federal Reserve Bank of St. Louis.
    10. William A. Barnett, 1990. "Developments in monetary aggregation theory," Proceedings, Federal Reserve Bank of Cleveland, pages 205-263.
    11. John P. Judd & Brian Motley, 1992. "Controlling inflation with an interest rate instrument," Economic Review, Federal Reserve Bank of San Francisco, pages 3-22.
    12. John P. Judd & Brian Motley, 1993. "Using a nominal GDP rule to guide discretionary monetary policy," Economic Review, Federal Reserve Bank of San Francisco, pages 3-11.
    13. Martin Feldstein & James H. Stock, 1994. "The Use of a Monetary Aggregate to Target Nominal GDP," NBER Chapters, in: Monetary Policy, pages 7-69 National Bureau of Economic Research, Inc.
    14. Barnett, William A., 1980. "Economic monetary aggregates--reply," Journal of Econometrics, Elsevier, vol. 14(1), pages 57-59, September.
    15. Thornton, Saranna R., 1993. "Can forecast-based monetary policy be more successful than a rule?," Journal of Economics and Business, Elsevier, vol. 45(3-4), pages 231-245.
    16. Fair, Ray C. & Howrey, E. Philip, 1996. "Evaluating alternative monetary policy rules," Journal of Monetary Economics, Elsevier, vol. 38(2), pages 173-193, October.
    17. Gregory D. Hess & David H. Small & Flint Brayton, 1993. "Nominal income targeting with the monetary base as instrument: an evaluation of McCallum's rule," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
    18. Mccallum, Bennet T., 1988. "Robustness properties of a rule for monetary policy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 29(1), pages 173-203, January.
    19. McCallum, Bennett T., 1990. "Could a monetary base rule have prevented the great depression?," Journal of Monetary Economics, Elsevier, vol. 26(1), pages 3-26, August.
    20. Bennett T. McCallum, 1987. "The case for rules in the conduct of monetary policy: a concrete example," Economic Review, Federal Reserve Bank of Richmond, issue Sep, pages 10-18.
    21. Michael Dotsey & Christopher Otrok, 1994. "M2 and monetary policy: a critical review of the recent debate," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 41-49.
    22. Friedman, Benjamin M., 1988. "Conducting monetary policy by controlling currency plus noise : A comment," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 29(1), pages 205-212, January.
    23. Robert Rasche, 1995. "Pitfalls in counterfactual analyses of policy rules," Open Economies Review, Springer, vol. 6(3), pages 199-202, July.
    24. Todd E. Clark, 1994. "Nominal GDP targeting rules: can they stabilize the economy?," Economic Review, Federal Reserve Bank of Kansas City, issue Q III, pages 11-25.
    25. Dallas S. Batten & Daniel L. Thornton, 1985. "Are weighted monetary aggregates better than simple-sum M1?," Review, Federal Reserve Bank of St. Louis, issue Jun, pages 29-40.
    26. John P. Judd & Brian Motley, 1991. "Nominal feedback rules for monetary policy," Economic Review, Federal Reserve Bank of San Francisco, issue Sum, pages 3-17.
    27. Barnett, William A & Offenbacher, Edward K & Spindt, Paul A, 1984. "The New Divisia Monetary Aggregates," Journal of Political Economy, University of Chicago Press, vol. 92(6), pages 1049-85, December.
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