TY - BOOK ID - 84538783 TI - A Monetary Impulse Measure for Medium-Term Policy Analysis AU - McCallum, Bennett. AU - Hargraves, Monica. PY - 1994 SN - 1462388221 1455239453 128211090X 9786613803788 1455267597 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Inflation KW - Investments: Bonds KW - Money and Monetary Policy KW - Monetary Policy KW - Price Level KW - Deflation KW - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation KW - Monetary Policy, Central Banking, and the Supply of Money and Credit: General KW - General Financial Markets: General (includes Measurement and Data) KW - Monetary economics KW - Macroeconomics KW - Investment & securities KW - Monetary aggregates KW - Monetary base KW - Sovereign bonds KW - Bond yields KW - Money KW - Prices KW - Financial institutions KW - Money supply KW - Bonds KW - Germany UR - https://www.unicat.be/uniCat?func=search&query=sysid:84538783 AB - The paper presents a measure of monetary impulse that is intended to reflect the medium-term inflationary implications of a nation’s current monetary policy. The measure consists of the growth rate of the monetary base, adjusted for reserve requirement changes and augmented by an implicit forecast of future growth rates of base velocity. Time series plots of the impulse measure for the G-7 countries are presented, and are compared with plots of inflation and of two alternative monetary indicators—the yield curve slope and the growth rate of a broad monetary aggregate. The impulse measure serves well as a medium-term indicator of future inflation, and on balance matches or outperforms the alternative indicators. ER -