haku: @indexterm Monetary economics / yhteensä: 201
viite: 14 / 201
| Tekijä: | Gottschalk, J. |
| Otsikko: | Monetary Conditions in the Euro Area: Useful Indicators of Aggregate Demand Conditions? |
| Lehti: | IFO-Studien
2001 : VOL. 47:3, p. 349-364 |
| Asiasana: | MONETARY SYSTEM MONEY MONETARY ECONOMICS EURO EUROPE DEMAND ANALYSIS |
| Kieli: | eng |
| Tiivistelmä: | This paper takes a closer look at the leading indicator qualities of monetary conditions. Monetary conditions are often evaluated on the basis of short-term interest rates, the exchange rate and long-term interest rates. This paper reviews the monetary conditions index (MCI) concept proposed by the Bank of Canada. The MCI combines the short interest rate and the exchange rate into a summary index; variants of this measure are now routinely used by business cycle analysts or international institutions like the IMF. This concept is applied in section 11.1 to euro area data. In the remainder the leading indicator qualities of the MCI are investigated. It is also shown that the interpretation of the MCI depends on the sources of the business cycle fluctuations. |
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