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Divisia Indices for Money: An Appraisal of Theory and Practice

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  • Paul Fisher
  • Suzanne Hudson
  • Mahmood Pradhan
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    Abstract

    Increasing interest has been shown in recent years in index number measures of money which weight the different components within each monetary aggregate. An assessment of Divisia measures of money including an appraisal of the theoretical arguments for the Divisia approach to monetary aggregation is presented. Also the construction of a Divisia index for the United Kingdom is described and the potential relevance of Divisia for the assessment of monetary conditions discussed.

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    File URL: http://www.bankofengland.co.uk/archive/Documents/historicpubs/workingpapers/1993/wp09.pdf
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    Bibliographic Info

    Paper provided by Bank of England in its series Bank of England working papers with number 9.

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    Date of creation: Apr 1993
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    Handle: RePEc:boe:boeewp:9

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    Cited by:
    1. Binner, Jane & Elger, Thomas, 2002. "The UK Personal Sector Demand for Risky Money," Working Papers 2002:9, Lund University, Department of Economics.
    2. Stracca, Livio, 2001. "Does liquidity matter? Properties of a synthetic divisia monetary aggregate in the euro area," Working Paper Series 0079, European Central Bank.
    3. Barnett, William A, 1997. "Which Road Leads to Stable Money Demand?," Economic Journal, Royal Economic Society, vol. 107(443), pages 1171-85, July.
    4. Richard G. Anderson & Barry Jones & Travis Nesmith, 1997. "Special report: The monetary services index project of the Federal Reserve Bank of St. Louis: introduction to the St. Louis monetary services index project," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 25-30.
    5. Spencer, Peter, 1997. "Monetary integration and currency substitution in the EMS: The case for a European monetary aggregate," European Economic Review, Elsevier, vol. 41(7), pages 1403-1419, July.
    6. Elger, Thomas, 2002. "The Demand for Monetary Assets in the UK; a Locally Flexible Demand System Analysis," Working Papers 2002:6, Lund University, Department of Economics.

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