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Where simple sum and Divisia monetary aggregates part: illustrations and evidence for the United States

  • Belongia, Michael

Empirical studies of money continue to use the Federal Reserve's official simple sum indexes, apparently in the belief that their behavior differs little from patterns exhibited by superlative indexes of money. This paper illustrates specific periods when this assumption is refuted and offers explanations for why simple sum and superlative indexes of money are likely to move differently at economic turning points.

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File URL: https://mpra.ub.uni-muenchen.de/18969/1/MPRA_paper_18969.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 18969.

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Date of creation: Mar 2005
Date of revision: Mar 2005
Handle: RePEc:pra:mprapa:18969
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  1. Kenneth A. Kavajecz, 1994. "The evolution of the Federal Reserve's monetary aggregates: a timeline," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 32-66.
  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. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
  4. Kenneth A. Kavajecz, 1994. "The evolution of the Federal Reserve's monetary aggregates: a timeline," Proceedings, Federal Reserve Bank of St. Louis, issue Mar, pages 32-66.
  5. Carl F. Christ, 1993. "Assessing applied econometric results," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 71-94.
  6. Swofford, James L & Whitney, Gerald A, 1987. "Nonparametric Tests of Utility Maximization and Weak Separability for Consumption, Leisure and Money," The Review of Economics and Statistics, MIT Press, vol. 69(3), pages 458-64, August.
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