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Introductory Comments, Definitions, and Research on Indexes of Monetary Services

In: Divisia Monetary Aggregates

Author

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  • Michael T. Belongia

Abstract

With apologies to Mark Twain, reporting practices of modern central banks beg the expression, ‘Lies, damned lies, and monetary data.’ Although demonstrably wrong in their construction, simple-sum measures of the money stock continue to be the official data published by central banks and are used to guide policy decisions if monetary quantity variables are part of that process. Moreover, whether by tradition or ease of access, academic research also persists in using simple-sum monetary aggregates to test hypotheses about the effects of money on economic activity.

Suggested Citation

  • Michael T. Belongia, 2000. "Introductory Comments, Definitions, and Research on Indexes of Monetary Services," Palgrave Macmillan Books, in: Michael T. Belongia & Jane M. Binner (ed.), Divisia Monetary Aggregates, pages 1-8, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28823-2_1
    DOI: 10.1057/9780230288232_1
    as

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