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

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
  • Working paper 1192-5434 96-8
Publication typeMonograph - View Master Record
Language[English]
FormatPhysical text
Other formatsDigital 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.
  • Résumés en français
Publishing information
  • Ottawa - Ontario : Bank of Canada 1996.
BindingSoftcover
Description39p. : figs., references, tables ; 28 cm.
ISBN0-662-24908-9
ISSN1192-5434
Catalogue number
  • FB3-2/96-8E
Subject terms
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