Controlling the Growth of Monetary Aggregates: 4 - Rilegato

Johannes, James M.; Rasche, Robert H.

Rilegato

ISBN 10: 0898382262 ISBN 13: 9780898382266

Casa editrice: Springer-Verlag GmbH, 1987

Riassunto

Karl Brunner Monetary affairs have preoccupied observers over the ages. The monetary disarray experienced throughout history was crucially influenced by the prevailing monetary arrangements. Under the circumstances, the political issue confronting us bears on the useful choice of monetary arrangements.

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Recensione

` This book is well organized, analytically sound, and concisely presents the major issu involved in a reserve aggregate approach to controlling the monetary aggregates. It belongs on the reading list for all graduate macro-policy courses. '
A.E. Burger in Journal of Economic Literature, Vol.27, March 1989

Contenuti

1 Introduction.- Alternative Approaches to Money Stock Control.- Money Multiplier Forecasting.- Goals and Organization.- Summary of Results and Conclusions.- 2 The Money Multiplier Framework.- Derivation of Pre-1980 Money Multipliers.- Derivation of Post-1980 Money Multipliers.- Inclusion of Non-Bank Travelers Checks in Monetary Aggregates.- The Reserve Components in the Monetary Base Multipliers vs. the Reserve Multipliers.- 3 Initial Forecasting Models for the Old Money Stock Multipliers.- Modeling the Money Multiplier Components.- Estimation.- Model Stability.- Relationship of ARIMA Multiplier Models to Econometric Literature.- Sample Period Errors.- Seasonal Adjustment.- Conclusions.- 4 Evolution and Robustness of the Forecasting Models During a Period of Financial Innovation and Deregulation: 1977–1983.- Adjustments for the Introduction of Automatic Transfer Accounts (ATS).- Adjustments of the Forecasting Models for the.- Redefinitions of the Monetary Aggregates.- Reconstruction of the Reserve Adjustment Magnitude.- Inclusion of Non-bank Travelers Checks in the Monetary Aggregates.- NOW Account Shifts.- Impact of All-Savers Certificates and Money Market Deposit Accounts (MMDAs).- 5 Monetary Control: The Implementation Experience.- Monetary Policy in Retrospect.- Long-run Objectives.- Realization of Objectives.- 1979 Revision of Operating Procedures.- Analysis of the Component Ratio Forecast Errors, 1977–1982.- Analysis of the Component Ratio Forecast Errors, 1982–1985.- Analysis of Multiplier Forecast Errors.- An Alternative Short-run Targeting Procedure.- Appendix 5A Estimating the Accuracy of an Aggregate Control Procedure for Short-run Targeting of Monetary Aggregates.- 6 The Precision of Monetary Control.- Endogeneity, Exogeneity, and Reentry Rates.- Analysis of Component Errors.- Error Forecasts for Multipliers.- Alternative Specification of the Multiplier.- Conclusions.- Appendix 6A Partial Derivatives of the Monetary Base Multiplier.- 7 Consistent Target Ranges for Several Monetary Aggregates.- Reestimation of Multiplier Component Forecasting Models.- Conclusions.- 8 Conclusions.- References.- Appendix: Computer Programs for Estimation and Forecasting of Multipliers and Component Ratios.- Name Index.

Dettagli dell'edizione

• Editore: Springer-Verlag GmbH
• Data di pubblicazione: 1987
• Lingua: Inglese
• ISBN 10: 0898382262
• ISBN 13: 9780898382266
• Rilegatura: Copertina rigida
• Numero di pagine: 238
• Contatto del produttore: ProductSafety@springernature.com; ProductSafety@springernature.com; ; Poststr. 9; Darmstadt; 64293; Germania