Quasi Balance-Sheet Measures of U.S. Monetary Policy: A Closer Look
Both the Board of Governors and the Federal Reserve Bank of St. Louis calculate monetary base and total reserve series, adjusted for changes in reserve requirement ratios. Many analysts apparently believe there is little measurable difference in these series. This hypothesis is empirically examined in this paper. First, time-series procedures are used to examine similarities and differences in the alternative measures. Then, nominal GNP growth equations provide the basis comparing the four different monetary policy measures as they relate to economic activity. The evidence suggests that significant differences exist between these measures both in their time-series properties and in their relationships to nominal GNP growth. Copyright 1995 by Ohio State University Press.
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Volume (Year): 27 (1995)
Issue (Month): 1 (February)
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