Comparison of Alternative Methods of Monetary Aggregation Some Preliminary Evidence. by Bank of Canada.

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SeriesTechnical report (Bank of Canada) -- 28
ContributionsCockerline, J., Murray, J.
ID Numbers
Open LibraryOL21940626M

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A comparison of alternative methods of monetary aggregation: some preliminary evidence. A Comparison of Alternative Methods for Monetary Aggregation: Some Preliminary Evidence J.

Cockerline and J. Murray This paper is Technical Report #28, Bank of Canada, Ottawa, Canada. Modeling the Demand for Liquid Assets: An Application to Canada Donal J. Donovan This is IMF Staff Paper #25, pp. Chile: 1. Introduction. Central banks around the globe practice the simple-sum measures of money while declaring their monetary policy stance as well as in their design and formulation of monetary policy.

Studies of money’s influence on the economy are also based on these official simple-sum by: This study tries to emphasize the superiority of an alternative method of aggregation over the simple sum method, namely Divisia monetary aggregates, employing panel data analysis for United.

In this study, we compare the two most recent aggregation methods utilized by Gwartney and Lawson (both the averaging and modified principal component methods) to two alternative principal components methods advocated by among others Caudill et al.

() and Sturm et al. ().Cited by: The welfare implications of alternative monetary aggregation procedures are investigated by providing a comparison among simple-sum, Divisia, and currency equivalent monetary aggregates at.

A COMPARISON OF ALTERNATIVE MONETARY ENVIRONMENTS Joseph H. Haslag October RESEARCH DEPARTMENT WORKINGPAPER Federal Reserve Bank ofDallas This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library ([email protected]).

ity of the welfare cost calculations to monetary aggregation procedures and Section 5 closes with a brief summary and conclusion. 2 Theoretical Foundations Consider the following money demand function M P = L(i;y) where M denotes nominal money balances, P the price level, y real income, and i the nominal rate of interest, all at time t.

methods are tried, especially by central banks, and often against dogmatic opposition. The purpose of this paper is to evaluate to what degree non-standard monetary policies have beensuccessful. While price stability is the main objective of monetary policy, the severe recession followingFile Size: 1MB.

For monetary aggregates it is customary to make more detailed comparisons of velocity and its pre-dictability from the vantage point of a theory of demand for the aggregate.

For M1 or M2 there is a voluminous body of theory and empirical work to draw on. For credit aggregates, however, there is no established theory of aggregate debt holdings.4 In.

E-book. Torino, IBL Libri, pdf, “Comment on ‘The Use of a Monetary Aggregate to Target Nominal GDP’ by Martin Feldstein and James Stock,” in N.

Greg Mankiw A Comparison of Alternative Solution Methods” (with H. Uhlig), Journal of Business Economic Statistics, 8(1). Discover the best Money & Monetary Policy in Best Sellers. Find the top most popular items in Amazon Books Best Sellers. Lombard Street A Description of the Money Market: Walter Bagehot: : Books : The New Lombard Street: How the Fed Became the Dealer of Last Resort (): Perry Mehrling: Books The new one is the most rele.

In the literature on aggregation and index number theory, the Divisia approach to monetary aggregation, is widely viewed as a viable and theoretically appropriate alternative to the simple-sum approach. Downloadable.

Data on the monetary aggregates are the fundamental raw material for research in many facets of economics and finance. Money demand modeling, measurement of money stock announcement effects, tests of the rationality of preliminary money stock forecasts and financial market efficiency, and comparison of alternative seasonal adjustment procedures are just a few such areas.

Methods of Economic Comparison Patterns of investment, revenue, saving, cash flow can vary widely. There is no single method for making all economic comparisons. We will describe three equivalent worth methods for comparing alternatives: o Present worth o Annual worth o Future worth 5 Other Economic Comparison.

In his masterpiece of a new book, Gold: The Monetary Polaris, monetary thinker non-pareil Nathan Lewis explains in brilliant fashion the certain wonders of Author: John Tamny.

the choice between alternative methods of monetary control carries with it logical implications for the type of exchange rate regime that is appropriate. There is thus a natural parallelism in exchange rate policy and monetary policy that goes beyond Henderson’s analytical results based on the types of disturbances facing the by: 1.

Books shelved as monetary-policy: The Ascent of Money: A Financial History of the World by Niall Ferguson, Exorbitant Privilege: The Rise and Fall of the.

Downloadable. This paper uses several methods to study the interrelationship among Divisia monetary aggregates, prices, and income, allowing for nonstationary, nonlinearities, asymmetries, and time-varying relationships among the series.

We propose a multivariate regime switching unobserved components model to obtain transitory and permanent components for each series, allowing for potential. index measure of money is based on an alternative method of aggregation where different weights are at- () is used to analyze and compare and concludes that the demand for a Divisia File Size: 1MB.

A monetary aggregate is a formal way of accounting for money, such as cash or money market funds. Monetary aggregates are used to measure the money supply in a national economy. Jon P. Cockerline has written: 'A comparison of alternative methods of monetary aggregation' -- subject(s): Congresses, Mathematical models, Monetary.

monetary aggregates in basic monetary theory and especially in monetary policy analysis. Thus, as is well known, today’s mainstream approach to monetary policy analysis presumes that policy rules reflect period-by-period adjustments of a short-term interest rate—not any monetary Size: KB.

The sections cover the origin of the user cost price of monetary services. Exact aggregation of monetary assets on the demand side for consumers and firms, and on the supply side for financial intermediaries, general equilibrium of all economic agents' demands and supplies, dynamic solution of the exact system, and extension to monetary Cited by: narrow aggregate which is the sum of currency in circulation and bank deposits weighted by the required reserve ratios.

Inthe Bundesbank switched targets from central bank money to M3. The Swiss began targeting the M1 monetary aggregate, but in switched to the narrower monetary aggregate, M0, the monetary base. U.S. monetary data, Friedman and Schwartz () set a similar objective: This book attempts to provide a comprehensive survey of the construction of estimates of the quantity of money in the United States — an ac- tivity that dates back almost to the beginnings of the Republic.

The survey covers sources, methodsFile Size: 7MB. Welcome to Alt-M, a community devoted to exploring and promoting ideas for an alternative monetary future. Our goal is to reveal the shortcomings of today's centralized, bureaucratic, and discretionary monetary arrangements, and to bring serious consideration of real alternatives to the center stage of current monetary and financial reform debates.

Types of Economic Evaluation in Healthcare Joseph B. Babigumira • Places monetary values on inputs (costs) and outcomes thereby allowing comparison of projects (or independently of a comparison to alternatives (other economic evaluation methods cannot).File Size: 1MB.

This major Handbook consists of 29 contributions that explore the full range of exciting and interesting work on money and finance currently taking place within heterodox economics. There are many themes and facets of alternative monetary and financial economics but two major ones can be identified.

The first three papers discuss alternative ways of conducting monetary pol- icy. Martin Feldstein and James Stock study how the Fed could use the broad monetary aggregate M2.

Robert Hall and I discuss the role of rules in the mak- ing of monetary policy, especially rules aimed at targeting nominal : N. Gregory Mankiw. A number of alternative indexes of monetary aggregates have been developed recently.

The most well known are the Divisia monetary aggregates developed by Barnett (). This article reviews the theoretical basis for monetary aggregation and presents series of Divisia monetary aggregates for an extended sample period.

‘An Efficient Method of Estimating Seemingly Unrelated Regressions and Tests for Aggregation Bias’, Journal of the American Statistical Association, LVII (June ) – CrossRef Google ScholarCited by: 8. period monetary assets are weakly separable from all other decision variables in the consumer’s utility function implies the existence of a monetary aggregate for the consumer.

Barnett (, ) developed a method of monetary aggregation in the context of a representative, perfectly com-petitive, non-financial firm. The firm is. broad aggregate M2++. hen Canada abandoned money-growth targets in the early s, the monetary aggregates became less central to ongoing analysis and advice regarding monetary policy.

Even when monetary targets were in place, the main models incorporated explanations for inflation that were strongly based on the output gap. Any role. Septem A New Measure of Housing Wealth in the Financial Accounts of the United States. Hannah Hall, Eric Nielsen, and Kamila Sommer 1 Summary.

This note introduces a new method for measuring the aggregate value of own-use residential real estate in the United States from to ing with the Q2 publication, this alternative series will be included in the. Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making (both in daily life and in settings such as business, government and medicine).

Conflicting criteria are typical in evaluating options: cost or price is usually one of the main criteria, and. Start studying ECON - Final Review. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Monetary policy involves decisions by central banks on issues such as interest rates.

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Divisia Monetary Aggregates and Demand for Money in Kenya index measure of money is based on an alternative method of aggregation where different weights are attached () is used to.The module develops the theory and techniques of the valuation of non-market goods and services. The module focuses on the techniques and methods for putting monetary values on the environment and shows how these can be incorporated in economic decision making at both the macro and project level.

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