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Tuesday, July 21, 2020 | History

3 edition of Divisia Monetary Aggregates found in the catalog.

Divisia Monetary Aggregates

Theory and Practice

  • 226 Want to read
  • 20 Currently reading

Published by Palgrave MacMillan .
Written in English

    Subjects:
  • Banking,
  • International economics,
  • Monetary economics,
  • Money & Monetary Policy,
  • Business / Economics / Finance,
  • Congresses,
  • Mathematical models,
  • Money supply,
  • Business/Economics

  • Edition Notes

    ContributionsMichael T. Belongia (Editor), Jane M. Binner (Editor)
    The Physical Object
    FormatHardcover
    Number of Pages321
    ID Numbers
    Open LibraryOL10553735M
    ISBN 100333647440
    ISBN 109780333647448

    targets of monetary policy have been since that date. As a result, the monetary data from November to August are of particular importance. In this article I compare the growth rates of the new Divisia monetary aggregates with those of the corre-sponding officially targeted simple sum aggregates from November to August The MSI measure the flow of monetary services received each period by households and firms from their holdings of monetary assets (levels of the indexes are sometimes referred to as Divisia monetary aggregates). For a survey of the relevant monetary aggregation theory, see Anderson, Richard G., Jones, Barry E. and Travis D.

    the Divisia monetary aggregates M1 and M2 for Malaysia. and to discuss its behavior with respect to traditional simple-sum monetary aggregates. The second objective of this paper is to examine the stationary long-run relationship and short-run dynamic between the monetary aggregates and the inflation. The third objective is to determine theFile Size: 5MB. Get this from a library! Divisia monetary aggregates: could they have made a difference in Chilean monetary policy, ?. [Katerina Sophia Taiganides].

    The leading researchers from central banks and universities around the world debate issues central to the performance of Divisia monetary aggregates both in theory and in practice. The overall conclusion is that Divisia monetary aggregates outperform their simple sum counterparts in a wide range of applications the world over. The book is the first volume-length study of empirical data and.   The Center for Financial Stability (CFS) has initiated a new Divisia monetary aggregates database, maintained within the CFS program called Advances in Monetary and Financial Measurement (AMFM). The Director of the program is William A. Barnett, who is the originator of Divisia monetary aggregation and more broadly of the associated field of aggregation-theoretic monetary Cited by:


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Divisia Monetary Aggregates Download PDF EPUB FB2

NOTE: title for the North American edition (this ISBN) is slightly different - Divisia Monetary Aggregates: Theory and Practice. Palgrave,pp. Conference proceedings. Not ex-lib, no remainder mark. Moderate cosmetic wear to dj else text as-new, binding : Hardcover.

About the Author. JOSEPH ATTA-MENSAH Senior Analyst, Bank of Canada WILLIAM A. BARNETT is the originator of the Divisia Monetary Aggregates and a Fellow of the American Statistical. Part 1 provides empirical evidence of relationships between monetary aggregates, nominal income and price level.

In part 2, he offers an early attempt to evaluate the Divisia monetary aggregate as an alternative to the Simple-sum aggregate as an indicator for the financial and economic situation of Asian developing by: The overall conclusion is that Divisia monetary aggregates outperform their simple sum counterparts in a wide range of applications the world over.

The book is the first volume-length study of empirical data and theoretical research on the subject. Divisia Monetary Aggregates: Theory and Practice Michael T. Belongia, Jane M.

Binner The leading researchers from central banks and universities around the world debate issues central to the performance of Divisia monetary aggregates both in theory and in practice. The original CFS Divisia monetary aggregates measure demand-side monetary services, using the economic aggregation and index number theory developed by Barnett ().

On the demand side, there is no reason to differentiate among inside money, outside money, regulated services, or. monetary series used are the simple-sum and CFS Divisia monetary aggregates at the M1, M2M, M2, MZM and ALL levels of aggregation and are transformed to real per capita money balances using the appropriate GNP de⁄ Size: KB.

65 rows  Federal Reserve Official Monetary Aggregates. Extensive published results demonstrate. Divisia Monetary Aggregates PLEASE NOTE: These aggregates were created in by staff at the Federal Reserve Bank of St. Louis. WARNING: These aggregates are not current.

Get this from a library. Divisia monetary aggregates: theory and practice. [Michael T Belongia; Jane M Binner;] -- "In this book leading researchers from central banks and universities around the world debate issues central to the performance of Divisia monetary aggregates both in theory and practice."--Jacket.

That approach to monetary aggregation was derived and advocated by William A. Barnett () and has led to the construction of monetary aggregates based on Diewert's () class of superlative quantity index numbers.

The new aggregates are called the Divisia aggregates or Monetary. A number of alternative indexes of monetary aggregates have been developed recently. The most well known are the Divisia monetary aggregates developed by Barnett ().

This article reviews the theoretical basis for monetary aggregation and presents series of Divisia monetary aggregates for an extended sample period. The behavior of the simple File Size: 1MB. Section 2 describes how Divisia monetary aggregates are obtained and compares these to simple-sum aggregates.

Section 3 develops a model of money demand and shows how this model performs when Divisia aggregates are used instead of simple-sum aggregates. A conclusion follows. Divisia monetary aggregates DataCited by: Barnett's Divisia monetary aggregates were derived to be elements of Diewert's class of superlative quantity index numbers.

Relative to aggregation theory, Barnett's resulting monetary aggregates are strictly preferable to the official sum monetary aggregates, since the component monetary assets are not perfect Size: KB.

Barnett's Divisia monetary aggregates were derived to be elements of Diewert's class of superlative quantity index numbers. Relative to aggregation theory, Barnett's resulting monetary aggregates are strictly preferable to the official sum monetary aggregates, since the component monetary assets are not perfect substitutes.

Formal empirical tests based on the relevant aggregation-theoretic Cited by: The base multiplier is the ratio of a monetary aggregate to the monetary base.

There is good reason for looking at that ratio. The Federal Reserve’s open market operations change the Federal Reserve’s balance sheet. Those changes, in turn, change the “monetary base,” also called “high powered money,” or outside money. A Divisia index is a theoretical construct to create index number series for continuous-time data on prices and quantities of goods exchanged.

The name comes from François Divisia who first proposed and formally analyzed the indexes inand discussed in related and works. While Divisia monetary aggregates may have an edge over traditional aggregates, there is a need for further research on their usefulness through the use of differ- ent policy Size: 1MB.

Downloadable. A money-in-the-utility function model is extended to capture the distinct roles of noninterest-earning currency and interest-earning deposits in providing liquidity services to households. It implies the existence of a stable money demand relationship that links a Divisia monetary aggregate to spending or income as a scale variable and the associated Divisia user-cost dual as an Cited by: 2.

Downloadable. This paper explores the relationship between Milton Friedman’s work and the work on Divisia monetary aggregation, originated by William A. Barnett. The paradoxes associated with Milton Friedman’s work are largely resolved by replacing the official simple-sum monetary aggregates with monetary aggregates consistent with economic index number theory, such as Divisia monetary.

It is in this regard that Divisia monetary aggregates—also referred to as monetary services indices (MSI)—have attracted interest, and thus are presented as an alternative or complement to simple sum monetary aggregates (Barnett, ; Barnett, Offenbacher and Spindt, ; Barnett, Fisher.

The CFS was fortunate in that William A. “Bill” Barnett, the world’s leading expert on Divisia monetary aggregates, agreed to develop and lead the CFS’s Advances in Monetary .The empirical results show that: (a) The Divisia monetary aggregates outperform the simple sum ones and (b) both monetary aggregates can directionally forecast the Eurocoin index reaching the.