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Journal Article

Effects of movements in equities prices on M2 demand


Abstract: Large swings in stock prices are sometimes associated with a redirection of household savings flows. Such changes can lead to transitory increases in M2 as investors temporarily ?park? funds in depository assets while they determine the funds? ultimate destination. The authors find that, although stock price changes are statistically significant as an explanation for M2 growth, they do not account for much of M2?s recent strength.

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Bibliographic Information

Provider: Federal Reserve Bank of Cleveland

Part of Series: Economic Review

Publication Date: 1999

Issue: Q IV

Pages: 2-9