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Monetäres Reinvermögen versus Geldmenge M3 - eine Entgegnung

  1. Journals
  2. Economics, Finance, Business & Management
  3. Credit and Capital Markets – Kredit und Kapital
  4. Vol. 30, Issue 1
  5. pp. 101–115

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Clostermann, J., Scharnagl, M., Seitz, F. Monetäres Reinvermögen versus Geldmenge M3 - eine Entgegnung. Credit and Capital Markets – Kredit und Kapital, 30(1), 101-115. https://doi.org/10.3790/ccm.30.1.101
Clostermann, Jörg; Scharnagl, Michael and Seitz, Franz "Monetäres Reinvermögen versus Geldmenge M3 - eine Entgegnung" Credit and Capital Markets – Kredit und Kapital 30.1, 1997, 101-115. https://doi.org/10.3790/ccm.30.1.101
Clostermann, Jörg/Scharnagl, Michael/Seitz, Franz (1997): Monetäres Reinvermögen versus Geldmenge M3 - eine Entgegnung, in: Credit and Capital Markets – Kredit und Kapital, vol. 30, iss. 1, 101-115, [online] https://doi.org/10.3790/ccm.30.1.101
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Monetäres Reinvermögen versus Geldmenge M3 - eine Entgegnung

Clostermann, Jörg | Scharnagl, Michael | Seitz, Franz

Credit and Capital Markets – Kredit und Kapital, Vol. 30 (1997), Iss. 1 : pp. 101–115

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.30.1.101
Language
Multiple languages
Pages
15

Author Details

Jörg Clostermann, Frankfurt/M. und Weiden

Michael Scharnagl, Frankfurt/M. und Weiden

Franz Seitz, Frankfurt/M. und Weiden

Cited By

  1. Monetäres Reinvermögen versus Geldmenge M3: Eine Erwiderung

    Neumann, Manfred

    Weigand, Jürgen

    Credit and Capital Markets – Kredit und Kapital, Vol. 31 (1998), Iss. 1 P.87

    https://doi.org/10.3790/ccm.31.1.87 [Citations: 1]

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Abstract

Net Monetary Assets versus Monetary Supply M3 - A Reply

In their article „Monetäres Reinvermögen versus Geldmenge M3“, Neumann and Weigand suggest to the Deutsche Bundesbank that in future, when interest rate policy decisions are being taken, more attention should be paid to the effects of the Bank’s policies on business activity. To measure the impact of monetary policy on economic activity, they advise the Bundesbank to use net monetary assets (Monetäres Reinvermögen) - a concept which they have devised. Contrary to what Neumann and Weigand maintain, however, the predictive quality of this aggregate is unsatisfactory, and its interest weights are theoretically ill substantiated. Another point is that the real net monetary assets cannot be controlled by the central bank. In view of these considerations, any monetary policy strategy along the lines advocated by Neumann and Weigand would rest on a very uncertain foundation. Furthermore, our analyses show that, in contrast to the empirical findings of Neumann and Weigand, a stable demand for money as embodied in M3 can still be identified

Table of Contents

Section Title Page Action Price
Jörg Clostermann/Michael Scharnagl/Franz Seitz: Monetäres Reinvermögen versus Geldmenge M3 -\reine Entgegnung 101
I. Einleitung 101
II. Das monetäre Reinvermögen: Eine Kritik 101
III. Datenprobleme und ökonometrische Methodik 106
IV. Stabilität der Geldnachfrage in Deutschland 107
V. Kritik an den wirtschaftspolitischen und geldpolitischen Schlußfolgerungen 111
VI. Zusammenfassung 112
Literatur 113
Zusammenfassung: Monetäres Rein vermögen versus Geldmenge M3 - eine Entgegnung 114
Summary: Net Monetary Assets versus Monetary Supply M3 - A Reply 114
Résumé: Actifs monétaires nets versus masse monétaire M 3 - Une réponse 115

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