High powered money


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High powered money

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The Bank changes high powered money through operations in the inter-bank money market.
High powered money increased from HA in figure 1 to HB in figure 2.
Table A-1 Measures of Seigniorage Variables Description Monetary Base Reserve money (line 14 in IFS) (or high-powered money) Seigniorage l: Ratio of the change in high powered money to nominal GDP (Fischer 1982) Seigniorage 2: Ratio of high-powered money to nominal GDP in current period minus ration of high-powered money to nominal GDP in last period plus the product of the ratio Of high powered money to nominal GDP in last period times the growth rate of nominal GDP In current period to one plus the growth rate of GDP in current period (Walsh 1998).
The money supply (M) is a function of the three "proximate determinants": the monetary base or high powered money (H), the deposit to reserve ratio (D/R), and the deposit to cash ratio (D/C).
The VAR used here includes five variables: the wholesale price index, the call interest rate, an index of stock prices, high powered money, and industrial production.

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