01416nam a22002417a 4500 OSt 20230417114546.0 230417b |||||||| |||| 00| 0 eng d STCPL ENG Manu Sharma Akash Poojari Monetary aggregates : A consistent message by an inconsistent messenger EPW Vol.58; No.13 - 1 April 2023 pp. 58-66 An exploration of the information content within money confirms that despite the theoretical inconsistence inherent within a simple sum monetary aggregate, money supply (M3) has been a consistent leading indicator of the general slowdown in economic activities in India since March 2010. The paper also establishes an exogenous influence of the central bank balance sheet over M3 through a statistically stable money multiplier, a long-term stable relationship, and bidirectional Granger causality between M3 and reserve money. However, the monetary policy measures of the central bank that determine reserve money themselves take a cue from economy-wide factors, as presented in a multivariate forecast model for reserve money. ECO Economic theory Monetary aggregates Monetary policy https://www.epw.in/journal/2023/13/special-articles/monetary-aggregates.html ARTICLE ddc 0 78712 78712 0 0 ddc 0 0 BV STCPL STCPL BVS 2023-04-17 0 2023-04-17 00:00:00 2023-04-17 ARTICLE