G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w20134
来源IDWorking Paper 20134
Interest Rates and Money in the Measurement of Monetary Policy
Michael T. Belongia; Peter N. Ireland
发表日期2014-05-15
出版年2014
语种英语
摘要Over the last twenty-five years, a set of influential studies has placed interest rates at the heart of analyses that interpret and evaluate monetary policies. In light of this work, the Federal Reserve's recent policy of "quantitative easing," with its goal of affecting the supply of liquid assets, appears to be a radical break from standard practice. Alternatively, one could posit that the monetary aggregates, when measured properly, never lost their ability to explain aggregate fluctuations and, for this reason, represent an important omission from standard models and policy discussions. In this context, the new policy initiatives can be characterized simply as conventional attempts to increase money growth. This view is supported by evidence that superlative (Divisia) measures of money often help in forecasting movements in key macroeconomic variables. Moreover, the statistical fit of a structural vector autoregression deteriorates significantly if such measures of money are excluded when identifying monetary policy shocks. These results cast doubt on the adequacy of conventional models that focus on interest rates alone. They also highlight that all monetary disturbances have an important "quantitative" component, which is captured by movements in a properly measured monetary aggregate.
主题Macroeconomics ; Monetary Policy
URLhttps://www.nber.org/papers/w20134
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/577808
推荐引用方式
GB/T 7714
Michael T. Belongia,Peter N. Ireland. Interest Rates and Money in the Measurement of Monetary Policy. 2014.
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