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The search for a new monetary indicator

In: The Mechanics of Money

Author

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  • Jacques Riboud

Abstract

The search for a new monetary indicator is not so much intended to provide better information on which to base monetary policy as to make it possible to get closer to the real nature of the mechanics of money by bringing into the equation a parameter which is rarely taken into consideration, namely the nature of money transactions and the uses money is put to. To this end, the main tools of national accounts — production, consumption and added value — will be used. This search demonstrates the monetary effect of a payment unit and confirms the special nature of M1, which sets it apart from all the other monetary aggregates. At the same time, it gives some idea of the mistake people make in indiscriminately including all the aggregates within the same definition of the money supply.1

Suggested Citation

  • Jacques Riboud, 1980. "The search for a new monetary indicator," Palgrave Macmillan Books, in: The Mechanics of Money, chapter 5, pages 166-180, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05112-0_15
    DOI: 10.1007/978-1-349-05112-0_15
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