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Toward a bias corrected currency equivalent index

  • Barnett, William A.
  • Keating, John W.
  • Kelly, Logan J.

The currency equivalent index measures the discounted economic capital stock of money producing the monetary service flow, but does so under assumptions that cause downward bias. We propose an extension that will correct for a significant amount of this bias.

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File URL: http://www.sciencedirect.com/science/article/B6V84-4S6P1WM-1/2/ef27921c5d3783af758a145245f0cb77
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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 100 (2008)
Issue (Month): 3 (September)
Pages: 448-451

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Handle: RePEc:eee:ecolet:v:100:y:2008:i:3:p:448-451
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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  1. repec:cup:macdyn:v:1:y:1997:i:2:p:485-512 is not listed on IDEAS
  2. Rotemberg, Julio J & Driscoll, John C & Poterba, James M, 1995. "Money, Output, and Prices: Evidence from a New Monetary Aggregate," Journal of Business & Economic Statistics, American Statistical Association, vol. 13(1), pages 67-83, January.
  3. Michael T. Belongia, 1990. "Monetary policy on the 75th anniversary of the Federal Reserve System: summary of conference proceedings," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 59-65.
  4. Barnett, William A., 1978. "The user cost of money," Economics Letters, Elsevier, vol. 1(2), pages 145-149.
  5. Michael T. Belongia, 1989. "Monetary policy on the 75th anniversary of the Federal Reserve system : proceedings of the fourteenth annual Economic Policy Conference, held on October 19-20, 1989," Proceedings, Federal Reserve Bank of St. Louis.
  6. William Barnett, 2005. "Monetary Aggregation," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200510, University of Kansas, Department of Economics, revised Mar 2005.
  7. William A. Barnett & Unja Chae & John W. Keating, 2006. "The discounted economic stock of money with VAR forecasting," Computing in Economics and Finance 2006 51, Society for Computational Economics.
  8. William Barnett & Apostolos Serletis & W. Erwin Diewert, 2005. "The Theory of Monetary Aggregation (book front matter)," Macroeconomics 0511008, EconWPA.
  9. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, June.
  10. Barnett, William A. & Liu, Yi & Jensen, Mark, 1997. "Capm Risk Adjustment For Exact Aggregation Over Financial Assets," Macroeconomic Dynamics, Cambridge University Press, vol. 1(02), pages 485-512, June.
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