01814cas a2200253 a 4500 AALejournalIMF004503 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451856583 1018-5941 BD-DhAAL BD-DhAAL McCallum, Bennett. A Monetary Impulse Measure for Medium-Term Policy Analysis / Bennett McCallum, Monica Hargraves. Washington, D.C. : International Monetary Fund, 1994. 1 online resource (34 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The paper presents a measure of monetary impulse that is intended to reflect the medium-term inflationary implications of a nation's current monetary policy. The measure consists of the growth rate of the monetary base, adjusted for reserve requirement changes and augmented by an implicit forecast of future growth rates of base velocity. Time series plots of the impulse measure for the G-7 countries are presented, and are compared with plots of inflation and of two alternative monetary indicators-the yield curve slope and the growth rate of a broad monetary aggregate. The impulse measure serves well as a medium-term indicator of future inflation, and on balance matches or outperforms the alternative indicators. Mode of access: Internet Hargraves, Monica. IMF Working Papers; Working Paper ; No. 1994/146 Full text available on IMF http://elibrary.imf.org/view/journals/001/1994/146/001.1994.issue-146-en.xml IMF e-Library