Die Definitionskriterien der Geldmenge: M1 M2, . . . oder Mx?

Abstract

Criteria for Defining the Quantity of Money

The study centres around the question of what conception of the quantity of money is most suitable for monetary theory and for monetary policy. Alternative “measures” are discussed. In the course of the analysıs, two different types of definition criteria are crystallized out. On the one hand, the properties of money are considered from the standpoint of those with a demand for money. 'T'he quantity of money is in demand for payment purposes and as a store of value. It can be (1) interpreted in the narrower sense as the quantity of means of payment or defined in the broader sense as the quantity of perfect stores of value. The latter may be in demand (2) for the purpose of “temporarily storing purchasing power” or (3) may be held as a component of wealth which serves as a means of “permanent storing of purchasing power”. Depending on the emphasis placed on the motives for holding “money”, the possibilities for the quantity of “money” to influence the economy vary. On the other hand, a completely different definition criterion can be developed from the standpoint of the supply of money. The latter is geared to (4) that quantity of money in the entire economy of which the outstanding amount is exogenous, so to speak, i.e. invariable and independent of the actions of individual economic entities. As we shall see, this is a definition of the quantity of money in the very narrowest sense. What aggregate quantity of money is represented by the “correct” definition of the quantity of money for monetary theory and monetary policy cannot be answered a priori. The definition of the quantity of money must satisfy two criteria: first, that “money” exerts a perceptible influence on the (real and/or nominal) magnitudes of the economy, and secondly, that a dividing line exists between “money” and other things which are “non-money”. So that quantity of money must be defined as adequate which exhibits a close substitution relationship between money and the purchase of goods and also a close substitution relationship between money and the purchase of assets.