Properties of the Monetary Conditions Index

Giuseppe Grande

Working Papers from Banca Italia - Servizio di Studi

Abstract: In recent years increasing use has been made in monetary policy analysis of the so-called Monetary Conditions Index (MCI). The index is defined as a linear combination of changes in a short-term real interest rate and in the real effective exchange rate, whose coefficients are equal to the estimated effects of the two financial variables on real aggregate demand or, alternatively, on a price index.

Keywords: MONETARY POLICY; INDICES (search for similar items in EconPapers)
JEL-codes: C43 E52 (search for similar items in EconPapers)
Pages: 55 pages
Date: 1997
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Citations: View citations in EconPapers (4)

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Working Paper: Properties of the monetary conditions index (1997)
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