Monetarism Beyond M1A

Pablo García, and Rodrigo Valdés
Authors registered in the RePEc Author Service: Pablo Garcia Silva

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: This work analyzes, from an empirical standpoint, the information contained in the M1A aggregate in Chile and compares it with other aggregates. The findings reveal that, at least for now, the M1A aggregate does not seem to have particularly valuable information that would make it a better indicator of inflationary pressures within the monetary policy decision horizon. This is consistent with the practice that central banks followed in the past, when they used quantitative targets for money and focused their analyses on broader aggregates. One possible explanation for the excessive importance given in Chile to the monetary aggregate M1A is the history of financial repression that the country lived until the mid-seventies.

Date: 2004-05
New Economics Papers: this item is included in nep-cba and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchwp:262

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