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Asset Substitution and Monetary Volatility

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  • Gauger, Jean
  • Black, Harold A

Abstract

This paper investigates the question as to whether the volatility of the monetary aggregates arises primarily from the behavior of the monetary base or the monetary multipliers. The findings indicate that the monetary multipliers are more volatile than the base, regardless of the definition of money. The multiplier is substantially more volatile than the m2 or m3 multipliers. Analysis of multiplier's component ratios indicates high volatility of individual components. However, the m2 and m3 multipliers, hence the M2 and M3 aggregates, internalize the movements of volatile individual components. Copyright 1991 by Ohio State University Press.

Suggested Citation

  • Gauger, Jean & Black, Harold A, 1991. "Asset Substitution and Monetary Volatility," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(4), pages 677-691, November.
    • Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:4:p:677-91
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    Cited by:

    1. Martin Schmidt, 2003. "Monetary dynamics: a market approach," Applied Economics, Taylor & Francis Journals, vol. 35(2), pages 139-152.
    2. Raghbendra Jha & Deba Prasad Rath, 2001. "On the Endogeneity of the Money Multiplier in India," ASARC Working Papers 2001-12, The Australian National University, Australia South Asia Research Centre.
    3. Gauger, Jean, 1998. "Economic Impacts on the Money Supply Process," Journal of Macroeconomics, Elsevier, vol. 20(3), pages 553-577, July.

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