01614cas a2200253 a 4500 AALejournalIMF008066 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451847673 1018-5941 BD-DhAAL BD-DhAAL Kenen, Peter. Using An EC-Wide Monetary Aggregate in Stage Two of EMU / Peter Kenen, Tamim Bayoumi. Washington, D.C. : International Monetary Fund, 1992. 1 online resource (20 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 This paper looks at whether the aggregate ERM money supply has been a useful predictor of short-term changes in inflation and growth, and long-term trends in price levels among the core ERM countries. The evidence suggests that over the period since 1987, when there have been no realignments, the ERM money supply performs at least as well, and arguably better, than the individual national aggregates in predicting nominal aggregates such as inflation and the price level, while neither money supply is a good predictor of real activity. Mode of access: Internet Bayoumi, Tamim. IMF Working Papers; Working Paper ; No. 1992/056 Full text available on IMF http://elibrary.imf.org/view/journals/001/1992/056/001.1992.issue-056-en.xml IMF e-Library