Some Issues Invollving the Definition and Interpretation of the Monetary Aggregates
نویسندگان
چکیده
Recently a great deal of attention has been focused on difficulties of interpreting the behavior of the monetary aggregates. The period since the mid-1970s has been characterized by unexpected changes in the relationship between traditional measures of the monetary aggregates and economic activity. Accompanying the disruption of established monetary relationships was an intensified effort by the public to alter the management of its monetary and liquid assets and a highly favorable climate for the promotion and introduction by financial institutions of alternatives to the public’s conventional deposit holdings. Many observers have attributed difficulties of interpreting the monetary aggregates to a number of financial assets, such as the emergence of money market mutual funds and the growing use of very short maturity repurchase agreements (RPs), that provide the public with highly attractive alternatives to holding conventional transactions balances and tend to view the resolution of these difficulties largely in terms of the appropriate inclusion of such assets in the definition of money.~ Some other observers have tended to place more emphasis on the contribution of changes in techniques for managing cash balances and have attached more importance to the need for careful interpretation of the behavior of monetary aggregates?
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