Some relationships between monetary aggregates and domestic activity in New ZealandFootnote∗

We are grateful to Professors A.D. Brownlie, A.J.L. Catt, Sir Frank Holmes, and Messrs. H.G. Lang, B.D.J. Silverstone and R.W.R. White for their comments on an earlier version of this work. The views expressed in this paper are the authors’ own and do not necessarily reflect those of the Treasury or the Reserve Bank of New Zealand.

References

• Almon , S. 1965 . “The Distributed Lag Between Capital Appropriations and Expenditures” . Econometrica , 33 : 178 – 196 .
   Web of Science ®Google Scholar
• Amemiya , T. and Morimune , K. 1974 . “Almon Distributed Lags” . Review of Economics and Statistics , LVI : 378 – 386 .
   Google Scholar
• Andersen , L.C. and Jordon , J.L. 1968 . “Monetary and Fiscal Actions: A Test of Their Relative Importance in Economic Stabilisation” . Federal Reserve Bank of St. Louis Review , 50 (11) : 11 – 24 .
   Google Scholar
• Barry , P.F. 1977 . “An Indicator of Monetary Policy in an Open Economy: An Explanatory Study” . paper presented to the Sixth Conference of Economists . May 1977 , Hobart.
   Google Scholar
• Brownlie , A.D. and Hool , B.H. 1971 . “Money, Prices and Production In New Zealand 1956–1970” . New Zealand Economic Papers , 5 : 129 – 130 .
   Google Scholar
• Carr , J. and Smith , L.B. 1975 . “A Suggestion for a New Monetary Indicator” . Journal of Monetary Economics , 1 : 363 – 368 .
   Google Scholar
• Day , H.L. 1977 . “A Comparison of Alternative Domestic Credit and Money Aggregates as Instruments of Control” , IMF Departmental Memorandum DM/77/23
   Google Scholar
• de Leeuw , F. and Kalchbrenner , J. 1969 . “Monetary and Fiscal Actions: A Test of Their Relative Importance in Economic Stabilisation: Comment” . Federal Reserve Bank of St. Louis Review , 51 (4) : 6 – 11 .
   Google Scholar
• Frost , P.A. 1975 . “Some Properties of the Almon Lag Technique When One Searches for Degree of Polynomial and Lag” . Journal of the American Statistical Association , 70 : 606 – 612 .
   Web of Science ®Google Scholar
• Giles , D.E.A. 1975 . “A Polynomial Approximation for Distributed Lags” . New Zealand Statistician , 10 (1) : 22 – 26 .
   Google Scholar
• Giles , D.E.A. and Smith , R.G. 1977 . “A Note on the Minimum Error Variance Rule and the Restricted Regression Model” . International Economic Review , 18 : 259 – 263 .
   Google Scholar
• Godfrey , L.G. and Poskitt , D.S. 1975 . “Testing the Restrictions of the Almon Lag Technique” . Journal of the American Statistical Association , 70 : 105 – 108 .
   Web of Science ®Google Scholar
• Goldberger , A.S. 1964 . Econometric Theory , New York : Wiley .
   Google Scholar
• Gramlich , E.M. 1971 . “The Usefulness of Monetary and Fiscal Policy as Discretionary Stabilization Tools” . Journal of Money, Credit and Banking , 3 : 506 – 532 .
   Google Scholar
• Guitian , M. 1973 . “Credit Versus Money as an Instrument of Control” . I.M.F. Staff Papers , XX : 785 – 800 .
   Google Scholar
• Morgan , G.H.T. and Smith , R.G. February 1977 . “Estimation of the Reserve Bank of New Zealand's Econometric Model Using Instrumental Variables” , Discussion Paper P77/1 February , Reserve Bank of New Zealand .
   Google Scholar
• Polak , J.J. 1957–58 . “Monetary Analysis of Income Formation and Payments Problems” . I.M.F. Staff Papers , VI : 1 – 50 .
   Google Scholar
• Polak , J.J. and Argy , V. 1971 . “Credit Policy and the Balance of Payments” . I.M.F. Staff Papers , XVIII : 1 – 24 .
   Google Scholar
• Samuelson , P.A. 1973 . “Monetarism Objectively Evaluated” . In Readings in Economics , Edited by: Samuelson , P.A. New York : McGraw‐Hill .
   Google Scholar
• Schmidt , P. and Waud , R.N. 1973 . “The Almon Lag Technique and the Monetary Versus Fiscal Policy Debate” . Journal of the American Statistical Association , 68 : 11 – 19 .
   Web of Science ®Google Scholar
• Silverstone , B.D.J. 1976 . “Domestic Credit and the Open Economy with an Application to New Zealand” . University of Waikato . unpublished M.Phil thesis
   Google Scholar
• Theil , H. 1971 . Principles of Econometrics , New York : Wiley .
   Google Scholar
• Trivedi , P.K. and Pagan , A.R. November 1976 . “Polynomial Distributed Lags: A Unified Treatment” , Econometrics Working Paper No. 34 November , Australian National University .
   Google Scholar
• We are grateful to Professors A.D. Brownlie, A.J.L. Catt, Sir Frank Holmes, and Messrs. H.G. Lang, B.D.J. Silverstone and R.W.R. White for their comments on an earlier version of this work. The views expressed in this paper are the authors’ own and do not necessarily reflect those of the Treasury or the Reserve Bank of New Zealand.
   Google Scholar
• Monash University, Reserve Bank of New Zealand, and the Treasury.
   Google Scholar