A Shift-Adjusted M2 Indicator for Monetary Policy

23 Pages Posted: 14 Nov 2012

See all articles by Robert L. Hetzel

Robert L. Hetzel

Federal Reserve Banks - Federal Reserve Bank of Richmond

Robert Darin

Independent

Date Written: 1994

Abstract

In the past, over periods of several years, the growth rate of the public's dollar expenditure has corresponded to the growth rate of the monetary aggregate M2. At present, however, M2 is growing significantly slower than dollar expenditure. About half of this slowness can be explained by the recent, rapid growth of bond and stock mutual funds.

Suggested Citation

Hetzel, Robert L. and Darin, Robert, A Shift-Adjusted M2 Indicator for Monetary Policy (1994). FRB Richmond Economic Quarterly, vol. 80, no. 3, Summer 1994, pp. 25-47, Available at SSRN: https://ssrn.com/abstract=2125404

Robert L. Hetzel (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Richmond ( email )

P.O. Box 27622
Richmond, VA 23261
United States

Robert Darin

Independent

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