The demand for M3 and inflation forecasts: An empirical analysis for Switzerland |
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Authors: | Ernst Baltensperger Thomas J Jordan Marcel R Savioz |
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Abstract: | The Demand for M3 and Inflation Forecasts: An Empirical Analysis for Switzerland. — This paper argues that money should continue
to play an important role in monetary policy even if a central bank pursues a strategy based on inflation forecasts. Within
the context of an error correction model, the paper delivers empirical evidence that both the growth rate of the monetary
aggregate M3 and the size of excess M3 incorporate useful information with regard to future inflation in Switzerland. This
evidence strongly suggests that money should remain an important indicator for monetary policy. |
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Keywords: | E5 E41 E47 |
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