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The Composition and Construction of Monetary Aggregates

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  • Swofford, James L
  • Whitney, Gerald A

Abstract

An economic monetary aggregate is composed from a set of monetary goods that are at least weakly separable from other goods in the optimizing agent's utility function. The authors construct such an aggregate using a Divisia index number. They demonstrate that, through the middle of the 1980s, forecasts of the inflation rate based on their economic monetary aggregate are superior to forecasts based on the simple sum monetary aggregates of M1 or M2. Copyright 1991 by Oxford University Press.

Suggested Citation

  • Swofford, James L & Whitney, Gerald A, 1991. "The Composition and Construction of Monetary Aggregates," Economic Inquiry, Western Economic Association International, vol. 29(4), pages 752-761, October.
    • Handle: RePEc:oup:ecinqu:v:29:y:1991:i:4:p:752-61
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    Cited by:

    1. Al-Sharkas, A.A. & Lozi, B.M., 2009. "Effects of Measurement on Inferences: An Application to Money Demand and Related Variables in the United States," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 9(1).
    2. Elger, C. Thomas & Jones, Barry E. & Edgerton, David L. & Binner, Jane M., 2008. "A Note On The Optimal Level Of Monetary Aggregation In The United Kingdom," Macroeconomic Dynamics, Cambridge University Press, vol. 12(1), pages 117-131, February.
    3. Binner, Jane M. & Bissoondeeal, Rakesh K. & Elger, C. Thomas & Jones, Barry E. & Mullineux, Andrew W., 2009. "Admissible monetary aggregates for the euro area," Journal of International Money and Finance, Elsevier, vol. 28(1), pages 99-114, February.
    4. Binner, Jane M. & Chaudhry, Sajid & Kelly, Logan & Swofford, James L., 2018. "“Risky” monetary aggregates for the UK and US," Journal of International Money and Finance, Elsevier, vol. 89(C), pages 127-138.
    5. Fleissig, Adrian R. & Jones, Barry E., 2023. "U.K. household-sector money demand during Brexit and the pandemic," Economic Modelling, Elsevier, vol. 123(C).
    6. Adrian R. Fleissig & James L. Swofford, 2023. "Habit persistence in assets demand," Southern Economic Journal, John Wiley & Sons, vol. 89(3), pages 975-985, January.
    7. Anderson, Richard G. & Duca, John V. & Fleissig, Adrian R. & Jones, Barry E., 2019. "New monetary services (Divisia) indexes for the post-war U.S," Journal of Financial Stability, Elsevier, vol. 42(C), pages 3-17.

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