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Interpreting money-supply and interest-rate shocks as monetary-policy shocks / by Marcel Kasumovich.FB3-2/96-8E-PDF

In this paper two shocks are analysed using Canadian data: a money-supply shock (M-shock) and an interest-rate shock (R-shock). Money-supply shocks are derived using long-run restrictions based on long-term propositions of monetary theory. Thus, an M-shock is represented by an orthogonalized innovation in the trend shared by money and prices. An R-shock is represented by the orthogonalized innovation in the overnight interest rate.--Abstract

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Publication information
Department/Agency
  • Bank of Canada.
TitleInterpreting money-supply and interest-rate shocks as monetary-policy shocks / by Marcel Kasumovich.
Series title
  • Bank of Canada working paper 1701-9397 96-8
Publication typeMonograph - View Master Record
Language[English]
FormatDigital text
Electronic document
Other formatsPhysical text-[English]
Note(s)
  • "In this paper two shocks are analysed using Canadian data: a money-supply shock (M-shock) and an interest-rate shock (R-shock). Money-supply shocks are derived using long-run restrictions based on long-term propositions of monetary theory. Thus, an M-shock is represented by an orthogonalized innovation in the trend shared by money and prices. An R-shock is represented by the orthogonalized innovation in the overnight interest rate."--Abstract.
  • The ISBN (0-662-249408-9) and ISSN (1192-5434) for the print edition have been incorrectly copied in this electronic publication.
  • Résumé en français.
Publishing information
  • Ottawa - Ontario : Bank of Canada July 1996.
Description44p.references, tables
ISSN1701-9397
Catalogue number
  • FB3-2/96-8E-PDF
Subject terms
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