By Peter Bofinger
This booklet offers an in-depth description and research of financial coverage in Europe and the USA. Focusing particularly at the ecu imperative financial institution, it bargains one of many first accomplished courses to knowing the goals, procedure, and tools of the ECB.
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Extra resources for Monetary Policy: Goals, Institutions, Strategies, and Instruments
4. DEFINING MONEY BY ITS STATISTICAL PROPERTIES A 'pragmatic' approach to definition of'money', and thus to the solution of the classification and aggregation problem, is adopted by many academics and central banks. Instead of trying to define the 'relevant' money stock from theoretical considerations and testing hypotheses based on it empirically, the opposite procedure is applied: the relevant money stock is defined by its statistical properties. e. measures of money that include a wide spectrum of deposits, embracing time and savings deposits, as well as close substitutes for them, such as marketable shortterm bank liabilities) exhibit the properties required for the announcement of a reference value.
For the member countries of the European Monetary Union (EMU) the euro became the legal currency on 1 January 1999. The former national currency units are still in use until the end of the year 2001, but legally they are non-decimal subunits of the euro. It is obvious that this function of 'money' cannot be used to solve the classification problem of money, since all financial assets have to be denominated in some currency unit. Nevertheless, it is useful to present this function of money in some more detail.
From this perspective, it is not surprising that Japan, with a very wealthy and at the same time rapidly ageing population, had a high current account surplus during the 1990s. Disaggregating financial assets and liabilities according to the main sectors of an economy gives a good picture of the financial structure of that economy. 2). htm. 2 The Demand for Money What this chapter is about • It explains the most important theories on the demand for money and presents the empirical evidence for the different approaches.