English, Article, Journal or magazine article edition: Aggregating Money Demand in Europe with a Divisia Index Wesche, Katrin

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Bookmark: http://trove.nla.gov.au/version/52076
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Aggregating Money Demand in Europe with a Divisia Index
Author
  • Wesche, Katrin
Physical Description
  • preprint
Notes
  • Proponents of an aggregation theoretic approach to money demand argue that simple-sum measures do not capture the theoretical notion of money. This is especially true for broad monetary aggregates, which include components held for savings motives that are only imperfect substitutes for transactions media. Simple-sum monetary aggregates thus are not consistent with microeconomic theory. Monetary aggregation in Europe using indices for monetary services seems attractive because these indices can account for the imperfect substitutability between different currencies. In this paper the aggregation theoretic framework is applied to money holdings of European residents and the resulting index is compared to simple-sum M3.
  • Divisia index, money demand, European Monetary Union
  • RePEc:bon:bonsfb:392
Language
  • English
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