Monitoring the Money Supply and Distortions to Monetary Data

Gordon Pepper
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Gordon Pepper: Department of Banking and Finance, City University Business School

Chapter 16 in Money, Credit and Asset Prices, 1994, pp 237-256 from Palgrave Macmillan

Abstract: Abstract This chapter gives an insight into what is involved in monitoring the money supply. It also contains a discussion about distortions to monetary data, which explain some of the patterns in the data reported elsewhere. The chapter is based on a paper given at the 1992 annual conference of the ESRC’s Money, Macro and Finance Research Group and published in the National Westminster Bank Quarterly Review, February 1993. The author has always argued that all the monetary aggregates should be monitored and that if any of them is behaving in a peculiar way the reasons should be ascertained. The explanation will often involve a change in one interest rate relative to another. The transactions responsible for the change in rates should be investigated, as should those in response to the change. Such an analysis adds greatly to one’s understanding of what is happening in the financial system as a whole.

Keywords: Interest Rate; Money Supply; Bank Lending; Monetary Aggregate; Bank Deposit (search for similar items in EconPapers)
Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37593-2_17

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DOI: 10.1057/9780230375932_17

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