The Currency Equivalent Index and the Current Stock of Money

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The Currency Equivalent Index and the Current Stock of Money

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Kelly, Logan J

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Logan James Kelly

Abstract

The currency equivalent index provides an elegant method for measuring the stock of money, but it rests upon assumptions that do not match an important characteristic of the data. Thus, it is unclear what, if anything, the CE measures. This paper attempts to answer this question by deriving the current stock of money (CSM), which is defined to be the discounted present value of the monetary service flows provided by only the current portfolio of monetary assets, and then analyzing the assumptions under which the current stock of money can be measured by the currency equivalent index.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 7176.

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Date of creation: 15 Feb 2008
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Handle: RePEc:pra:mprapa:7176

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Find related papers by JEL classification:
C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
E49 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Other

This paper has been announced in the following NEP Reports:

NEP-ALL-2008-02-23 (All new papers)
NEP-CBA-2008-02-23 (Central Banking)
NEP-MAC-2008-02-23 (Macroeconomics)
NEP-MON-2008-02-23 (Monetary Economics)

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