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Weighted Monetary Aggregates: An Empirical Approach

Author

Listed:
  • Francisco Alonso
  • Jorge Martínez Pagés
  • María Pérez Jurado

Abstract

This paper falls under the literature on weighted monetary aggregates that seeks to relax the assumption of perfect substitutability of assets implicit in the use of traditional monetary aggregates. Specifically, using the methodology recently proposed by Feldstein and Stock, an estimation is made of those weights which, when applied to the broad aggregate components result in liquidity growth that is a stable leading indicator of nominal expenditure.

Suggested Citation

  • Francisco Alonso & Jorge Martínez Pagés & María Pérez Jurado, 1996. "Weighted Monetary Aggregates: An Empirical Approach," Working Papers 9611, Banco de España.
    • Handle: RePEc:bde:wpaper:9611
    as

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    More about this item

    Keywords

    MONEY; MONETARY POLICY; CURRENCIES; LIQUIDITY;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other

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