منابع مشابه
Monetary Aggregates and Monetary Policy
This is a special conference for the Federal Reserve Bank of Boston, and for me personally. The role of monetary aggregates in monetary policy was intensely controversial when I joined the staff of the Board of Governors in May 1969. I was immediately asked to join the staff of the newly formed FOMC Committee on the Directive. Governor Sherman Maisel chaired that committee; the other two member...
متن کاملMonetary aggregates to improve early output gap estimates in the euro area - - an empirical assessment
Output gap estimates at the current edge are subject to severe revisions. This study analyzes whether monetary aggregates can be used to improve the reliability of early output gap estimates as proposed by several theoretical models. A real-time experiment shows that real M1 can improve output gap estimates for euro area data. For many periods the cyclical component of real M1 shows good result...
متن کاملOutput Composition of Monetary Policy Transmission
This paper aims to investigate the role of each aggregate spending component in the monetary policy transmission in Indonesia. It assesses the relative strength of the role of each spending component in the monetary policy transmission. In so doing, this study employs the contribution analysis, which is calculated based on the cumulative impulse response of each component of GDP to a monetary p...
متن کاملAn Extended Series of Divisia Monetary Aggregates
rj-i I HE CONVENTION IN monetary economics has been to create monetary aggregates by simply adding together the dollar amounts of the various financial assets included in them. This is the simple-sum method of aggregation. This procedure has been criticized because such monetary aggregates are essentially indexes that weight each component financial asset equally, a practice that is economicall...
متن کاملThe Output Gap and Optimal Monetary Policy
In a standard New Keynesian model, a discretionary and myopic central bank concerned with changes in the output gap and inßation will implement a monetary policy that replicates the optimal, timeless perspective, precommitment policy. By stabilizing output gap changes, the central bank imparts inertia into output and inßation that is absent under pure discretion. It is shown that even a fully o...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2000
ISSN: 0002-8282
DOI: 10.1257/aer.90.5.1125