Interpreting recent changes in monetary aggregates

Kevin Clinton

Bank of Canada Review, 1995, vol. 1995, issue Spring, pages 3-16

Abstract: In 1994, broad monetary aggregates such as M2+ grew at an unusually slow rate, indicating a continuation of low inflation. Narrow money, M1, ballooned early in the year, partly for technical reasons. However, its overall deceleration for the year as a whole would be consistent with lower output growth in the first half of 1995 than was seen the year before. During the first half of 1994, there was a continued shift by investors from deposits into equity, bond and mortgage mutual funds. In the second half of the year, following a rise in interest rates and a fall in the yields posted by mutual funds, there was a movement back into M2+. In this annual review of the monetary aggregates, the author discusses the reasons for these shifts and their implications for M2+.

JEL-codes: E4 (search for similar items in EconPapers)
Date: 1995

Downloads: (external link)
http://www.bankofcanada.ca/review/1995/r952a.pdf full text (application/pdf)
http://www.bankofcanada.ca/review/1995/r952a.ps.z full text (application/postscript)
http://www.bankofcanada.ca/review/1995/r952a.ps full text (application/postscript)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:bca:bcarev:v:1995:y:1995:i:spring:p:3-16

Ordering information: This journal article can be ordered from
Publications Distribution, Bank of Canada, 234 Wellington Street, Ottawa, Ontario, K1A 0G9, Canada
http://www.bank-banq ... ication/pub_res.html

Access Statistics for this article

More articles in Bank of Canada Review from Bank of Canada
Address: 234 Wellington Street, Ottawa, Ontario, K1A 0G9, Canada
Series data maintained by ().