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Building new monetary services indices: methodology and source data

  • Richard G. Anderson
  • Barry Jones
  • Travis Nesmith

This paper is second of two from the Monetary Services Indices (MSI) Project at the Federal Reserve Bank of St. Louis. The first paper, Working Paper 96-007B, surveys the microeconomic theory of the aggregation of monetary assets. This paper describe a new database of monetary services indices (MSI) for the United States. The MSI measure the flow of monetary services received each period by households from their holdings of monetary assets; the levels of the indices are often also referred to as Divisia monetary aggregates. In addition to indices of the flow of monetary services, the database contains dual user cost indices, measures of potential aggregation error in the monetary services indices, and measures of the stock of monetary wealth. An overview of the Project and the concept of monetary aggregation is included here as a preface.

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Paper provided by Federal Reserve Bank of St. Louis in its series Working Papers with number 1996-008.

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Date of creation: 1996
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Publication status: Published in Federal Reserve Bank of St. Louis Review, January/February 1997, 79(1)
Handle: RePEc:fip:fedlwp:1996-008
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  1. William Barnett, 2005. "Monetary Aggregation," Macroeconomics 0503017, EconWPA.
  2. Richard G. Anderson & Kenneth A. Kavajecz, 1994. "A historical perspective on the Federal Reserve's monetary aggregates: definition, construction and targeting," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 1-31.
  3. Barro, Robert J & Santomero, Anthony J, 1972. "Household Money Holdings and The Demand Deposit Rate," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 4(2), pages 397-413, May.
  4. Allen, Stuart D., 1983. "A note on the implicit interest rate on demand deposits," Journal of Macroeconomics, Elsevier, vol. 5(2), pages 233-239.
  5. Becker, William E, Jr, 1975. "Determinants of the United States Currency-Demand Deposit Ratio," Journal of Finance, American Finance Association, vol. 30(1), pages 57-74, March.
  6. Richard G. Anderson & Barry Jones & Travis Nesmith, 1996. "Monetary aggregation theory and statistical index numbers," Working Papers 1996-007, Federal Reserve Bank of St. Louis.
  7. William Barnett & Barry E. Jones & Travis D. Nesmith, 2008. "Divisia Second Moments: An Application of Stochastic Index Number Theory," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200803, University of Kansas, Department of Economics, revised Jul 2008.
  8. Richard G. Anderson & Kenneth A. Kavajecz, 1994. "A historical perspective on the Federal Reserve's monetary aggregates: definition, construction and targeting," Proceedings, Federal Reserve Bank of St. Louis, issue Mar, pages 1-31.
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