JOURNAL ARTICLE
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Eine transaktionsorientierte Geldmenge
Credit and Capital Markets – Kredit und Kapital, Vol. 27 (1994), Iss. 3 : pp. 319–347
1 Citations (CrossRef)
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Karl-Heinz Tödter, Frankfurt am Main
Cited By
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Une Europe monétaire à plusieurs vitesses ?
Bordes, Christian
Chevrou-Séverac, Hélène
Marimoutou, Velayoudom
Économie & prévision, Vol. n o 147 (2001), Iss. 1 P.51
https://doi.org/10.3917/ecop.147.0051 [Citations: 1]
References
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Ayuso, J. und Vega, J. L. (1993): „Weighted Monetary Aggregates: The Spanish Case“, Banco de Espana, Servicio de Estudios, Documento de Trabajo No. 9303.
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Barnett, W. A. (1978): „The User Cost of Money“, Economics Letters, Vol. 1, S. 145 - 149.
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Barnett, W. A. (1980): „Economic Monetary Aggregates - An Application of Index Number and Aggregation Theory“, Journal of Econometrics, Vol. 14, S. 11-48.
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Abstract
Transaction-Oriented Money Supply
The definition of money supply is of key importance within the framework of money supply management strategies. In this paper, the emphasis is not on the choice of the money supply components, but on the way in which they are aggregated and weighted. The transaction-oriented money supply with the M3 (TM3) components is a multiplicative aggregate with a constant weighting; it has a sound microeconomic basis and does not presume perfect substitutability of one of the money supply components by another. The weights are the average costs, expressed as a percentage of the transaction, during the forecasting period. As a result, the weights of the non-interest components are greater than in M3, whilst the weights of the term deposits are correspondingly lower. The long-term income elasticity estimated for TM3 correlates with that of M3, whereas the long-term interest elasticity is visibly greater.