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040			_cSTCPL
041			_aENG
100			_aManu Sharma
100			_aAkash Poojari
245			_aMonetary aggregates : A consistent message by an inconsistent messenger
246			_aEPW _fVol.58; No.13 - _g1 April 2023 _hpp. 58-66
520			_aAn 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.
630			_aECO
650			_aEconomic theory
650			_aMonetary aggregates
650			_aMonetary policy
856			_uhttps://www.epw.in/journal/2023/13/special-articles/monetary-aggregates.html
942			_cARTICLE
942			_2ddc _n0
999			_c78712 _d78712