IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this article

Measurement Matters: Recent Results from Monetary Economics Reexamined

  • Belongia, Michael T

Inferences about the effects of money on economic activity may depend importantly on the choice of a monetary index because simple-sum aggregates cannot internalize pure substitution effects. This hypothesis is investigated by replicating five recent studies that have challenged an aspect of the 'conventional wisdom' about the effects of money on aggregate activity. In four of the five cases, the qualitative inference in the original study is reversed when a simple-sum monetary aggregate is replaced by a Divisia index of the same asset collection. The results are mixed in the fifth case. Copyright 1996 by University of Chicago Press.

If 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.

File URL: http://dx.doi.org/10.1086/262052
File Function: full text
Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 104 (1996)
Issue (Month): 5 (October)
Pages: 1065-83

as
in new window

Handle: RePEc:ucp:jpolec:v:104:y:1996:i:5:p:1065-83
Contact details of provider: Web page: http://www.journals.uchicago.edu/JPE/

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Barnett, William A. & Hinich, Melvin J. & Weber, Warren E., 1986. "The regulatory wedge between the demand-side and supply-side aggregation-theoretic monetary aggregates," Journal of Econometrics, Elsevier, vol. 33(1-2), pages 165-185.
  2. Daniel L. Thornton & Piyu Yue, 1992. "An extended series of divisia monetary aggregates," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 35-52.
  3. 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.
  4. Feenstra, Robert C., 1986. "Functional equivalence between liquidity costs and the utility of money," Journal of Monetary Economics, Elsevier, vol. 17(2), pages 271-291, March.
  5. repec:fth:harver:1418 is not listed on IDEAS
  6. J. Bradford DeLong & Lawrence H. Summers, 1988. "How Does Macroeconomic Policy Affect Output?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(2), pages 433-494.
  7. -, 1989. "International economic highlights 1988," Oficina de la CEPAL en Washington (Estudios e Investigaciones) 28923, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
  8. anonymous, 1989. "New Zealand economic chronology 1988," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 52, march.
  9. N/A, 1989. "Chapter 1. the Home Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 127(1), pages 7-25, February.
  10. N/A, 1989. "Chapter 1. the Home Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 128(1), pages 5-19, May.
  11. -, 1989. "Evolución de la economía brasileña," Informe Estadístico – Oficina de la CEPAL en Brasilia 28047, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
  12. Friedman, Benjamin M & Kuttner, Kenneth N, 1992. "Money, Income, Prices, and Interest Rates," American Economic Review, American Economic Association, vol. 82(3), pages 472-92, June.
  13. Fedesarrollo, 1989. "Las economías andinas en 1988," COYUNTURA ECONÓMICA, FEDESARROLLO, vol. 19(2), pages 7-25, June.
  14. anonymous, 1989. "Reserve Bank economic forecasts," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 52, june.
  15. N/A, 1989. "OECD Economic Outlook Highlights," Foreign Trade Review, Indian Institute of Foreign Trade, vol. 24(2), pages 253-270, July.
  16. Barnett, William A., 1978. "The user cost of money," Economics Letters, Elsevier, vol. 1(2), pages 145-149.
  17. N/A, 1989. "The Economic Situation," National Institute Economic Review, National Institute of Economic and Social Research, vol. 129(1), pages 3-5, August.
  18. N/A, 1989. "Calendar of Main Economic Events, 1988," National Institute Economic Review, National Institute of Economic and Social Research, vol. 127(1), pages 84-97, February.
  19. N/A, 1989. "Chapter I. The Home Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 129(1), pages 6-21, August.
  20. N/A, 1989. "The Economic Situation," National Institute Economic Review, National Institute of Economic and Social Research, vol. 128(1), pages 3-4, May.
  21. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
  22. N/A, 1989. "Chapter I. The Home Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 130(1), pages 7-22, November.
  23. James Peery Cover, 1992. "Asymmetric Effects of Positive and Negative Money-Supply Shocks," The Quarterly Journal of Economics, Oxford University Press, vol. 107(4), pages 1261-1282.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:ucp:jpolec:v:104:y:1996:i:5:p:1065-83. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Journals Division)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.