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Monetäres Reinvermögen versus Geldmenge M3
Zur Indikatorqualität alternativer monetärer Aggregate
Neumann, Manfred | Weigand, Jürgen
Credit and Capital Markets – Kredit und Kapital, Vol. 29 (1996), Iss. 2 : pp. 224–243
1 Citations (CrossRef)
Manfred Neumann, Nürnberg
Jürgen Weigand, Nürnberg
Monetäres Reinvermögen versus Geldmenge M3 - eine Entgegnung
Credit and Capital Markets - Kredit und Kapital, Vol. 30 (1997), Iss. 1 P.101https://doi.org/10.3790/ccm.30.1.101 [Citations: 0]
Banerjee, A., Dolado, J., Galbraith, J. und Hendry, D. F.: Co-Integration, Error-Correction, and the Econometric Analysis of Non-Stationary Data, Oxford 1994.
Barnett, W. A.: The User Cost of Money, Economics Letters 1, 1978. - Chow, G. C.: Tests of Equality between Sets of Coefficients in Two Linear Regressions, Econometrica 28, 1960.
Clostermann, J.: Die „Neumann-Geldmenge“ -- Das bessere Zwischenziel?, unveröffentlichtes Manuskript, Nürnberg 1992.
Net Monetary Assets versus Monetary Supply M3
Observations on the Indicator Quality of Alternative Monetary Aggregates
Regression and co-integration analyses are used to show that the existence of a statistically significant relationship between real money supply M3 and the real national product cannot be proven to exist any longer since the 1980s. By contrast, there were visible theoretically and statistically proven relationships both in the 1970s and the 1980s between the real national product and real net monetary wealth, i.e. an interest-weighted money supply aggregate whose time lead offers a rather good forecasting quality insofar as the real national product is concerned. It follows therefrom that monetary policy influences not only the level of prices, but has real effects as well. Net monetary wealth is thus superior to other monetary policy indicators and should therefore be considered to represent an alternative to money supply M3.