E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit

• An Analysis of the Information Content of Alternative Credit Aggregates

  Technical Report No. 49 Leslie Milton

  This study evaluates the information content of 25 measures of credit with respect to three macroeconomic variables—nominal spending, real spending and prices. Initially, simple descriptive techniques are used to assess the contemporaneous and leading relationships between the credit aggregates and the three goal variables. Next, bivariate vector autoregression models are constructed by regressing each of […]

  Content Type(s): Staff research, Technical reports Topic(s): Credit and credit aggregates JEL Code(s): E, E5, E51

• An Analysis of the Information Content of Alternative Monetary Aggregates

  Technical Report No. 48 Doug Hostland, Stephen S. Poloz, Paul Storer

  In this study the authors compare the information content of alternative monetary aggregates with respect to total spending in the economy, using data for Canada. The analysis considers 46 monetary measures, about half of which constitute conventional summation aggregates, while the remainder are superlative indices of monetary services based on the Fisher Ideal formula. The […]

  Content Type(s): Staff research, Technical reports Topic(s): Monetary aggregates JEL Code(s): E, E5, E51

• A Comparison of Alternative Monetary Policy Regimes in a Small Dynamic Open-Economy Simulation Model

  Technical Report No. 42 David Longworth, Stephen S. Poloz

  In this paper, the simulation properties of a small, dynamic, open-economy IS-LM-Aggregate Supply model are examined under a variety of alternative policy rule assumptions. These assumptions include rigid money stock, exchange rate and nominal income targets, as well as less rigid policy rules that recognize information limitations. The model that is used consists of four […]

  Content Type(s): Staff research, Technical reports Topic(s): Economic models, Monetary policy framework JEL Code(s): E, E5, E52