An Empirical Identification of the Swedish Money Stock
通过计算多种货币资产与经济活动之间的相关系数，识别出瑞典货币存量的定义，发现现金和纸币与经济活动同步变化，而银行存款领先6-8个季度。
A measure of the Swedish money stock is identified in this paper using an empirical approach. Correlation coefficients between quarterly changos in a number of monetary assets and economic activity are calculated for leading, concurrent and lagging observations. Coins and notes exhibit close simultaneous covariation with economic activity. Commercial bank, savings bank and Post Office Bank deposits lead changes in economic activity by 6-8 quarters. This countercycUcal pattern is best regarded as the outcome of Eikabank policy. The empirical results suggest a defmition of the Swedish money stock as the sum of the volume of notea andcommercial bank deposits held by the public.