An Empirical Identification of the Swedish Money Stock

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Abstract

A measure of the Swedish money stock is identified in this paper using an empirical approach. Correlation coefficients between quarterly changos in a number of monetary assets and economic activity are calculated for leading, concurrent and lagging observations. Coins and notes exhibit close simultaneous covariation with economic activity. Commercial bank, savings bank and Post Office Bank deposits lead changes in economic activity by 6-8 quarters. This countercycUcal pattern is best regarded as the outcome of Eikabank policy. The empirical results suggest a defmition of the Swedish money stock as the sum of the volume of notea and
commercial bank deposits held by the public.

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  • Economics
Original languageEnglish
Pages (from-to)68-78
Number of pages11
JournalScandinavian Journal of Economics
Volume83
Issue number1
Publication statusPublished - 1981
Publication categoryResearch
Peer-reviewedYes

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