2006, 1994, english, English, Article edition: Understanding the Monetary Aggregates Today

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Physical Description
  • 613872 bytes, application/​pdf
  • Other
Published
  • Bradley Policy Research Center, William E. Simon Graduate School of Business Administration, University of Rochester
  • 2006-04-17T19:52:33Z
  • 1994-03
Language
  • english
  • English

Edition details

Title
  • Understanding the Monetary Aggregates Today
Other Authors
  • Poole, William
Published
  • Bradley Policy Research Center, William E. Simon Graduate School of Business Administration, University of Rochester
  • 2006-04-17T19:52:33Z
  • 1994-03
Physical Description
  • 613872 bytes, application/​pdf
  • Other
Subjects
Notes
  • Figure 1 shows three measures of money growth since 1989. Two of these measures, Ml and M2, are taken directly from official Federal Reserve statistics. The third, MZM, consists of all balances bearing no interest-rate risk and immediately available at par without penalty. My measure of MZM is M2 plus institution-only money market mutual funds less small time certificates.' Over the twelve months ending January 1994, Ml growth was 9.3 percent. This rate, though down from the rate of over 13 percent in 1992, is much higher than is consistent with low inflation. M2 growth is now running at about 2 percent and MZM at about 5 percent. The gap between M2 and Ml growth mostly reflects the behavior of small time deposits, which have been declining in absolute level since early 1991.
  • PPS;94-1
  • (1994). <i>Policy Statement and Position Papers.</​i>
Language
  • english
  • English
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