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Adjusted monetary aggregates and UK inflation targeting

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  • Leigh Drake
  • Adrian R. Fleissig

Abstract

This study shows how to construct monetary aggregates using a procedure to adjust the simple-sum, Divisia and empirical monetary aggregates to be consistent with weak separability. The corresponding adjusted monetary aggregates have considerable leading indicator information and provide the most accurate predictions of inflation over the Bank of England's two year forecast horizon. Copyright 2006, Oxford University Press.

Suggested Citation

  • Leigh Drake & Adrian R. Fleissig, 2006. "Adjusted monetary aggregates and UK inflation targeting," Oxford Economic Papers, Oxford University Press, vol. 58(4), pages 681-705, October.
  • Handle: RePEc:oup:oxecpp:v:58:y:2006:i:4:p:681-705
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    File URL: http://hdl.handle.net/10.1093/oep/gpl018
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    References listed on IDEAS

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    1. Calmfors, Lars & Horn, Henrik, 1985. " Classical Unemployment, Accommodation Policies and Adjustment of Real Wages," Scandinavian Journal of Economics, Wiley Blackwell, vol. 87(2), pages 234-261.
    2. Pencavel, John, 1985. " Wages and Employment under Trade Unionism: Microeconomic Models and Macroeconomic Applications," Scandinavian Journal of Economics, Wiley Blackwell, vol. 87(2), pages 197-225.
    3. Oswald, Andrew J., 1982. "Uncertainty and the trade union," Economics Letters, Elsevier, vol. 9(1), pages 105-111.
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    Cited by:

    1. Rakesh K. Bissoondeeal & Barry E. Jones & Jane M. Binner & Andrew W. Mullineux, 2010. "Household-Sector Money Demand For The Uk," Manchester School, University of Manchester, vol. 78(s1), pages 90-113, September.
    2. Richard G. Anderson & Barry E. Jones, 2011. "A comprehensive revision of the U.S. monetary services (divisia) indexes," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 325-360.
    3. Lahura, Erick, 2017. "Monetary Aggregates and Monetary Policy in Peru," Working Papers 2017-003, Banco Central de Reserva del PerĂº.

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