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- Title
ECONOMIC ACTIVITY AND TWO MONETARY BASE MEASURES.
- Authors
Haslag, Joseph H.; Hein, Scott E.
- Abstract
Abstract--Both the Federal Reserve Bank of St. Louis and the Board of Governors maintain separate monetary base series. Because of differing adjustment procedures to account for changes in reserve requirements, these series may not be used interchangeably. Using non-nested testing procedures, the two measures are compared in terms of their ability to explain quarterly growth rates of nominal GNP. The evidence presented in this paper indeed rejects the notion that one can interchange these two measures. Rather, our findings suggest that the St. Louis base measure is superior in explaining nominal GNP growth.
- Subjects
MISSOURI; SAINT Louis (Mo.); UNITED States; MONETARY policy; FEDERAL Reserve banks; FEDERAL Reserve monetary policy; FEDERAL Reserve Bank of St. Louis; GROSS national product; ECONOMIC development; ECONOMIC indicators; CENTRAL banking industry; ECONOMIC history
- Publication
Review of Economics & Statistics, 1990, Vol 72, Issue 4, p672
- ISSN
0034-6535
- Publication type
Article
- DOI
10.2307/2109608