The Measurement of Monetary Policy

ISBN-13: 9780898381177 / Angielski / Twarda / 1983 / 144 str.

M. Ray Perryman

Opis

The material in this book reflects, in many respects, the culmination of several years of research regarding the measurement of monetary policy. On all the issues addressed in the text, I have thus attempted to provide a perspective of the type that can only be gained from "living with" a topic over an extended time horizon. I have often said that I came to understand the monetary indicators literature only after having written dozens of papers on the subject. This statement may seem a bit trite, but I feel certain that anyone who has waded through this morass (or at least tried to) can fully empathize and recognize the grain of truth therein. It is my sincere hope that the synthesis given in the work will calm the fears and anxieties that often (and understandably) plague beginners in this field. In settling down to the process of "pulling together" this manuscript, I was surprised to find the ease and consistency with which various topics, explored at widely diverse times and in no particular order, meshed into a unified whole. I attempted to write the book in a manner that would simultaneously be generally comprehensible to students (particularly at the graduate level) and to practitioners desiring a relatively thorough overview of the indicators literature and yet be of value to scholars desiring to explore (and hopefully advance) this field.

Spis treści

I Introduction to Monetary Measurement.- 1 The Nature of Monetary Measurement.- What Is Money?.- What Is the Impact of Monetary Policy?.- The Varying Conceptions of a Monetary Indicator.- Indicators of the “Thrust” of Monetary Policy.- Indicators in Relation to Economic Activity.- Unbiased Indicators of Monetary Policy.- A Brief Digression on the Issue of Observability.- Summary.- 2. The Neutralized Money Stock: A Reconstruction.- Methodology for Constructing the Neutralized Money Stock.- Data and Methods for the Construction Process.- Empirical Derivation of the Neutralized Money Stock.- Summary.- 3 Ml* and M2*: Dynamic Monetary Indicators from a Simultaneous Equation Model.- The Neutralized Money Stock: An Initial Critique.- Noncyclical Indicators: An Alternative Approach.- An Overview of the Monetary Sector Model.- The Component of the Money Supply Identity.- Other Relationships from the Monetary Sector.- A Linkage to the Real Sector.- Data and Methodology for Model Estimation.- Construction of the Noncyclical Indicators.- Summary.- II Optimality of the Monetary Indicator.- 4 On the Biasedness of Observable Monetary Indicators.- A Simple Framework for Indicator Selection.- The Stance of Monetary Policy for 1953–1975.- The Countercyclical Performance of Monetary Policy.- “Unbiased” and Endogenous Monetary Indicators: A Comparison.- Summary.- 5 Optimality in the Choice of an Unbiased Monetary Indicator.- Theoretical Evidence Regarding the Optimal Unbiased Indicator.- Causality Approaches for the Empirical Analysis of the Indicator Choice Issue.- Empirical Evidence Regarding the Optimal Monetary Indicator.- Summary.- III The Use of Monetary Indicators: Applications and Perspectives.- 6 Applications of the Optimal Monetary Indicator in Policy Analysis.- Actual Policy and Intended Policy: An Appraisal.- Lags in the Impact of Countercyclical Monetary Policy: A Brief Overview.- Monetary Policy, Fiscal Policy, and the St. Louis Equation: A Consistent Assessment.- The Effective Federal Reserve Reaction to the State of the Economy: A Brief Synopsis.- Summary.- 7 A Perspective on Monetary Measurement.- Issues in Monetary Measurement.- Future Directions in Monetary Measurement.- Name Index.