Weighted Monetary Aggregates: An Empirical Approach
This paper falls under the literature on weighted monetary aggregates that seeks to relax the assumption of perfect substitutability of assets implicit in the use of traditional monetary aggregates. Specifically, using the methodology recently proposed by Feldstein and Stock, an estimation is made of those weights which, when applied to the broad aggregate components result in liquidity growth that is a stable leading indicator of nominal expenditure.
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