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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| Ministère/Organisme | Bank of Canada. |
|---|---|
| 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 |