Where simple sum and Divisia monetary aggregates part: illustrations and evidence for the United States
AbstractEmpirical studies of money continue to use the Federal Reserve's official simple sum indexes, apparently in the belief that their behavior differs little from patterns exhibited by superlative indexes of money. This paper illustrates specific periods when this assumption is refuted and offers explanations for why simple sum and superlative indexes of money are likely to move differently at economic turning points.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 18969.
Date of creation: Mar 2005
Date of revision: Mar 2005
Divisia monetary aggregates; index number problems;
Find related papers by JEL classification:
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS
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