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Monetary aggregates as monetary targets: a statistical investigation

Author

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  • William Roberds
  • Charles H. Whiteman

Abstract

In this paper, the authors analyze statistical properties of the monetary base, M1, and M2 for the postwar U.S. data record. The authors are specifically interested in answering three policy-related questions. First, to what extent do these monetary aggregates contain information useful for predicting movements in prices and real output? Second, how do the aggregates rank as to their predictive usefulness? Third, how do these aggregates rank as to the stability of their relationship to the macroeconomy? Copyright 1992 by Ohio State University Press.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • William Roberds & Charles H. Whiteman, 1990. "Monetary aggregates as monetary targets: a statistical investigation," FRB Atlanta Working Paper 90-7, Federal Reserve Bank of Atlanta.
    • Handle: RePEc:fip:fedawp:90-7
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    Cited by:

    1. Naveen Chandra & Ellis W. Tallman, 1997. "Financial aggregates as conditioning information for Australian output and inflation," FRB Atlanta Working Paper 97-8, Federal Reserve Bank of Atlanta.
    2. Rossiter, R. D., 1995. "Monetary policy indicators after deregulation," The Quarterly Review of Economics and Finance, Elsevier, vol. 35(2), pages 207-223.
    3. Garratt, Anthony & Koop, Gary & Mise, Emi & Vahey, Shaun P., 2009. "Real-Time Prediction With U.K. Monetary Aggregates in the Presence of Model Uncertainty," Journal of Business & Economic Statistics, American Statistical Association, vol. 27(4), pages 480-491.
    4. Mounts, Wm. Jr. & Sowell, Clifford, 1995. "A statistical note on possible institutional regimes in budget policy," Journal of Macroeconomics, Elsevier, vol. 17(1), pages 149-160.
    5. Boyes, William J. & Mounts, WM. Jr. & Sowell, Clifford & Payne, James E., 1996. "All politics is local: The effect of fiscal and monetary constitutions on economic policy," Journal of Macroeconomics, Elsevier, vol. 18(4), pages 657-678.
    6. Richard M. Todd, 1990. "Vector autoregression evidence on monetarism: another look at the robustness debate," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 14(Spr), pages 19-37.

    More about this item

    Keywords

    Monetary policy - United States;

    Statistics

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