Portfolio Disequilibrium: Implications for the Divisia Approach to Monetary Aggregation
The first part of the paper reviews the performance of the U.K.'s official monetary aggregates during the 1980s and argues that Divisia aggregation is, in principle, likely to offer a sounder basis for monetary analysis and policy. The central sections develop an econometric model of the demand for retail balances and examine the effect of portfolio disequilibrium, showing how this makes it appropriate to smooth the user costs in a particular way when using them to construct a Divisia aggregate. The final section of the paper shows that the resulting aggregate is closely associated with economic activity and prices once an allowance is made for the growth in the use of credit cards. Copyright 1994 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Volume (Year): 62 (1994)
Issue (Month): 2 (June)
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