Advances in Monetary and Financial Measurement Library - The Center for Financial Stability

Advances in Monetary and
Financial Measurement (AMFM)

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Key articles and books surrounding the development of advances in monetary and financial measurement. This Library does not include data archives. International and US data archives, along with regular monthly updates, can be found within other sections of the AMFM site.

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You can filter the studies shown below by category, keyword, and/or author.
Studies within the International Research category can be filtered by country.

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Important Papers Highly Relevant to AMFM
2018	The case for Divisia monetary statistics: A Bayesian time-varying approach Michael Ellington The zero lower bound and quantitative easing policies have rekindled interest in the link between monetary aggregates and the business cycle. This paper argues, on the basis of Bayesian time-varying coefficient VAR models that use Divisia indexes, that money is more closely linked to the business cycle, as well as forecasting economic activity more accurately, than existing literature claims. Moreover, the relationship between money and economic activity is considerably more pronounced during periods of economic distress, such as in the Great Recession.