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M2 and monetary policy: a critical review of the recent debate

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  • Michael Dotsey
  • Christopher Otrok

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  • 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.
    • Handle: RePEc:fip:fedreq:y:1994:i:win:p:41-49
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    References listed on IDEAS

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    1. 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.
    2. Flint Brayton & Gregory D. Hess & David H. Small, 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.).
    3. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 39(3), pages 106-135.
    4. Bennett T. McCallum, 1995. "Monetary Policy Rules and Financial Stability," Palgrave Macmillan Books, in: Kuniho Sawamoto & Zenta Nakajima & Hiroo Taguchi (ed.), Financial Stability in a Changing Environment, chapter 9, pages 389-438, Palgrave Macmillan.
    5. Hess, Gregory D. & Porter, Richard D., 1993. "Comparing interest-rate spreads and money growth as predictors of output growth: Granger causality in the sense Granger intended," Journal of Economics and Business, Elsevier, vol. 45(3-4), pages 247-268.
    6. Friedman, Benjamin M. & Kuttner, Kenneth N., 1993. "Another look at the evidence on money-income causality," Journal of Econometrics, Elsevier, vol. 57(1-3), pages 189-203.
    7. Toru Konishi & Valerie A. Ramey & Clive W.J. Granger, 1993. "Stochastic Trends and Short-Run Relationships Between Financial Variables and Real Activity," NBER Working Papers 4275, National Bureau of Economic Research, Inc.
    8. Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-921, September.
    9. John H. Boyd & Michael Dotsey, 1990. "Interest rate rules and nominal determinacy," Working Paper 90-01, Federal Reserve Bank of Richmond.
    10. Sean Becketti & Charles S. Morris, 1992. "Does money still forecast economic activity?," Economic Review, Federal Reserve Bank of Kansas City, vol. 77(Q IV), pages 65-77.
    11. Jeffrey C. Fuhrer, 1995. "Monetary policy and the behavior of long-term real interest rates," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 39-52.
    12. 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.
    13. Marvin Goodfriend & David H. Small, 1993. "Operating procedures and the conduct of monetary policy: conference proceedings," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
    14. Stock, James H & Watson, Mark W, 1993. "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems," Econometrica, Econometric Society, vol. 61(4), pages 783-820, July.
    15. Dotsey, Michael, 1989. "Monetary Control under Alternative Operating Procedures," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(3), pages 273-290, August.
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    Cited by:

    1. Altissimo, Filippo & Gaiotti, Eugenio & Locarno, Alberto, 2005. "Is money informative? Evidence from a large model used for policy analysis," Economic Modelling, Elsevier, vol. 22(2), pages 285-304, March.
    2. Wang, Jian-Xin & Wong, Hoi-In, 1997. "The predictability of Asian exchange rates: evidence from Kalman filter and ARCH estimations," Journal of Multinational Financial Management, Elsevier, vol. 7(3), pages 231-252, October.
    3. Thornton, Saranna Robinson, 2000. "How do broader monetary aggregates and divisia measures of money perform in McCallum's adaptive monetary rule?," Journal of Economics and Business, Elsevier, vol. 52(1-2), pages 181-204.
    4. Reuven Glick & Ramon Moreno, 2001. "Is money still useful for policy in East Asia?," Pacific Basin Working Paper Series 2001-12, Federal Reserve Bank of San Francisco.
    5. Oluwole Owoye, 1997. "Money and Economic Activity in Developing Countries: Evidence Based on Cointegration and Causality Tests," The American Economist, Sage Publications, vol. 41(1), pages 70-82, March.

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    Keywords

    Money supply; Monetary policy;

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