墨西哥货币供应量的迪维西亚测量法

IF 1.2 3区 经济学 Q3 BUSINESS, FINANCE Journal of Money Credit and Banking Pub Date : 2024-08-13 DOI:10.1111/jmcb.13198
LUIS FERNANDO COLUNGA‐RAMOS, VICTOR J. VALCARCEL
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引用次数: 0

摘要

我们首次对墨西哥的 Divisia 货币进行了衡量。以 Divisia M4 作为货币政策指标的各种结构性 VAR 识别所得出的生产和价格反应在每种情况下都至少与以短期报价率作为指标的对应规格一样合理,而且一般都有所改进。重要的是,我们发现我们的 Divisia 规格并不需要通过商品价格或实际汇率来扩展模型的信息集,从而解决价格难题。我们对墨西哥得出的结论与 Keating 等人(2019 年)对美国经济得出的结论相似。
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A Divisia Measure of the Money Supply for Mexico
We produce the first measure of Divisia money for Mexico. Various structural VAR identifications with Divisia M4 as an indicator of monetary policy yield responses of production and prices that are in every case at least as sensible as—and generally offer an improvement over—their counterpart specifications with a short‐term offer rate as the indicator. Importantly, we find that our Divisia specifications do not require expanding the model's information set with commodity prices or the real exchange rate for a resolution of the price puzzle. We reach similar conclusions for Mexico to those Keating et al. (2019) arrive at for the U.S. economy.
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来源期刊
CiteScore
2.90
自引率
6.70%
发文量
98
期刊最新文献
Issue Information Issue Information Measuring the Impact of Unconventional Monetary Policies on the U.S. Banking and Bond Markets at the Lower Bound Market Regulation, Cycles, and Growth Dynamics in a Monetary Union Exchange Rates and Prices in the Netherlands and Britain over the Past Four Centuries
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