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Zinsgewichtete Geldmengenaggregate und M3 — ein Vergleich
Issing, Otmar | Tödter, Karl-Heinz | Herrmann, Heinz | Reimers, Hans-Eggert
Credit and Capital Markets – Kredit und Kapital, Vol. 26 (1993), Iss. 1 : pp. 1–21
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Otmar Issing, Frankfurt am Main
Karl-Heinz Tödter, Frankfurt am Main
Heinz Herrmann, Frankfurt am Main
Hans-Eggert Reimers, Frankfurt am Main
Cited By
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Monetäres Reinvermögen versus Geldmenge M3 - eine Entgegnung
Jörg, Clostermann,
Michael, Scharnagl,
Franz, Seitz,
Credit and Capital Markets - Kredit und Kapital, Vol. 30 (1997), Iss. 1 P.101
https://doi.org/10.3790/ccm.30.1.101 [Citations: 0]
References
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Barnett, W. A. (1982): The Optimal Level of Monetary Aggregation, Journal of Money, Credit, and Banking, Vol. 14, S. 687 - 710.
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Abstract
Interest-weighted money supply aggregates and M 3 - a comparison
In this contribution, interest-weighted money supply components and the summated simple M3 are analyzed and compared. Such interest-weighting is guided by the opportunity costs of the monetary components, i.e. the minus in terms of interest compared with higher interest-bearing financial investments that do not serve liquidity purposes. Although aggregation and index-theory reasons indicate the need for a divisa aggregate, empirical evidence rather suggests the superiority of the simple M3. Near-money supply, by contrast, is extremely sensitive to interest variations and isin no systematic way related to changes in the Gross National Product. This concept does not permit any reliable conclusions to be drawn for monetary expansion and industry’s liquidity ratio.