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
Lien permanent pour cette publication :
publications.gc.ca/pub?id=9.571655&sl=1
Ministère/Organisme | Bank of Canada. |
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Titre | Interpreting money-supply and interest-rate shocks as monetary-policy shocks / by Marcel Kasumovich. |
Titre de la série | Bank of Canada working paper1701-939796-8 |
Type de publication | Série - Voir l'enregistrement principal |
Langue | [Anglais] |
Format | Électronique |
Document électronique | |
Autres formats offerts | Papier-[Anglais] |
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. |
Information sur la publication | Ottawa - Ontario : Bank of Canada July 1996. |
Description | 44p.references, tables |
ISSN | 1701-9397 |
Numéro de catalogue |
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Descripteurs | Fiscal policy Interest rates |
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