The determination of MO and M4

Quarterly Bulletin 1994 Q1
Published on 01 March 1994

By Francis Breedon and Paul Fisher of the Bank's Economics Division.

Monetary aggregates play an important role as indicators of economic conditions and as routes through which monetary policy operates. This article summarises recent research undertaken at the Bank on MO and M4-the two aggregates for which monitoring ranges have been set-which attempts to quantify the factors determining the growth of these aggregates and to clarify the link between them and the rest of the economy.

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