An admissible monetary aggregate for the United Kingdom
AbstractThis paper evaluates the performance of a monetary aggregate that is constructed from principles of economic and index number theory. Results from tests for weak separability indicate that wholesale deposits should not be aggregated with other U.K. financial assets; they currently are included, however, in broad monetary aggregates published by the Bank of England. Financial asset groupings passing the weak separability tests then were aggregated using both simple-sum and Divisia weights. In each case, the Divisia aggregates were more closely related to the growth of nominal GDP and had stable demand for money functions. Copyright 1991 by MIT Press.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Federal Reserve Bank of St. Louis in its series Working Papers with number 1989-007.
Date of creation: 1989
Date of revision:
Publication status: Published in Review of Economics and Statistics, August 1991, 73(3), pp. 497-503
Other versions of this item:
- Belongia, Michael T & Chrystal, K Alec, 1991. "An Admissible Monetary Aggregate for the United Kingdom," The Review of Economics and Statistics, MIT Press, vol. 73(3), pages 497-503, August.
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Dahalan, Jauhari & Sharma, Subhash C. & Sylwester, Kevin, 2005. "Divisia monetary aggregates and money demand for Malaysia," Journal of Asian Economics, Elsevier, vol. 15(6), pages 1137-1153, January.
- Barnett, William A. & Chauvet, Marcelle, 2011.
"How better monetary statistics could have signaled the financial crisis,"
Journal of Econometrics,
Elsevier, vol. 161(1), pages 6-23, March.
- William A. Barnett & Marcelle Chauvet, 2010. "How Better Monetary Statistics Could Have Signaled the Financial Crisis," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 201005, University of Kansas, Department of Economics, revised Aug 2010.
- Barnett, William A. & Chauvet, Marcelle, 2010. "How better monetary statistics could have signaled the financial crisis," MPRA Paper 24721, University Library of Munich, Germany.
- Jane Binner & Alicia Gazely & Shu-Heng Chen, 2002. "Financial innovation and Divisia monetary indices in Taiwan: a neural network approach," The European Journal of Finance, Taylor & Francis Journals, vol. 8(2), pages 238-247.
- Barnett, William A. & Chauvet, Marcelle, 2008.
"International Financial Aggregation and Index Number Theory: A Chronological Half-Century Empirical Overview,"
10242, University Library of Munich, Germany.
- William Barnett & Marcelle Chauvet, 2009. "International Financial Aggregation and Index Number Theory: A Chronological Half-century Empirical Overview," Open Economies Review, Springer, vol. 20(1), pages 1-37, February.
- William Barnett & Marcelle Chauvet, 2008. "International Financial Aggregation and Index Number Theory: A Chronological Half-Century Empirical Overview," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200804, University of Kansas, Department of Economics, revised Sep 2008.
- Binner, Jane & Elger, Thomas, 2002. "The UK Personal Sector Demand for Risky Money," Working Papers 2002:9, Lund University, Department of Economics.
- Barnett, William A. & Chauvet, Marcelle, 2008. "The End of the Great Moderation: “We told you so.”," MPRA Paper 11642, University Library of Munich, Germany.
- Rayton, Bruce A. & Pavlyk, Khrystyna, 2010. "On the recent divergence between measures of the money supply in the UK," Economics Letters, Elsevier, vol. 108(2), pages 159-162, August.
- Drake, Leigh & Fleissig, Adrian R., 2010. "Substitution between monetary assets and consumer goods: New evidence on the monetary transmission mechanism," Journal of Banking & Finance, Elsevier, vol. 34(11), pages 2811-2821, November.
- Elger, Thomas & Jones, Barry & Edgerton, David & Binner, Jane, 2004. "The Optimal Level of Monetary Aggregation in the UK," Working Papers 2004:7, Lund University, Department of Economics, revised 26 Jan 2005.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Anna Xiao).
If references are entirely missing, you can add them using this form.