The Future of Monetary Aggregates in Monetary Policy Analysis

By Edward Nelson. 2003

288 citations recorded by the source corpus.

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Citations in the corpus

REAL EFFECTS OF MONETARY POLICY IN LARGE EMERGING ECONOMIES (2011, methodology): “Although monetary aggregates have traditionally been used in these countries as a framework for monetary policy, Nelson (2003) comments that models where the only effect of monetary policy is via a short-term interest rate can be consistent with the quantity theory of money. The extension of the con”
NONLINEARITIES IN THE DYNAMICS OF THE EURO AREA DEMAND FOR M1 (2008, background): “Nelson (2003) has recently noted that, by proxying a spectrum of yields that matter for aggregate demand but are not always directly observable, monetary aggregates such as M1 may provide incremental information about aggregate demand.”
Assessing excess liquidity in the euro area: the role of sectoral distribution of money (2011, background): “E-mail: andrea.nobili@bancaditalia.it 1 In particular, recent contributions by Batini and Nelson (2001), Nelson (2003) and Bagliano and Morana (2007) found strong evidence of high correlation between inflation and money growth for the United States and the United Kingdom, while Coenen and Vega…”
Long Run Evidence on Money Growth and Inflation (2009, background): “Nelson (2003), however, casts considerable doubts on their results.”
How Important is Money in the Conduct of Monetary Policy (2006, unknown): “22The strength of this kind of evidence is criticized by de Grauwe and Polan (2001); see Nelson (2003) for a response. degree of smoothing of the data, several long swings in the rate of money growth have occurred in each country over the sample period, and the timing and magnitude of the shifts in…”
Excess Money Growth and Inflation Dynamics (2008, background): “On the one hand, it has been empirically shown that money and credit aggregates are characterized by additional information content for price developments beyond that contained in other macroeconomic indicators (Altissimo et al., 2001; Leeper and Roush, 2002; Nelson, 2003; Gerlach and Svensson, 2003”
Liquidity Shocks and Asset Price Boom/Bust Cycles (2007, unknown): “Nelson (2003) has argued in a similar vein.”
House Prices, Money, Credit and the Macroeconomy (2008, unknown): “In this sense, monetarists characterise the development of money as reflecting changes in the whole spectrum of interest rates and asset prices which are relevant for spending and investment decisions (Meltzer, 1995, Nelson, 2003).”
Asset Price Misalignments and the Role of Money and Credit (2010, background): “…may have linked these different periods of turbulence over the centuries in almost all corners of the financial 3 In this respect, as pointed out by Nelson (2003), money demand can be thought of as a function of a broad set of yields, besides those observed in securities markets, most of which are…”
Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework (2008, methodology): “The neo-Wicksellian (NW) model, which belongs 4 to a class of models described by Woodford (2003), features Calvo price setting, flexible wage rates, fixed firm specific capital, and an interest-rate rule that governs monetary policy.”
Maintaining Low Inflation: Money, Interest Rates, and Policy Stance (2007, unknown): “Nelson (2003) argues that monetary aggregates could act as a proxy for various yields not considered in standard macroeconomic models.”
What is Global Excess Liquidity, and Does it Matter? (2006, background): “Hence, any measure of excess liquidity derived from the deviation of some monetary 9 ECB Working Paper Series No 696 November 2006 aggregate from a normative value would provide little or no additional information (Svensson, 2003).”