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| Author: | Fisher, D. Fleissig, A. |
| Title: | Monetary aggregation and the demand for assets |
| Journal: | Journal of Money, Credit and Banking
1997 : NOV, VOL. 29:4/1, p. 458-475 |
| Index terms: | MONEY BANKING ASSETS |
| Language: | eng |
| Abstract: | In this paper the authors consider and illustrate a solution to the related problem of monetary aggregation and estimation of money demand. The problem with the definition of money is that the relative prices of the monetary components fluctuate over time, rendering simple-sum aggregates inefficient. The authors apply Revealed Preference tests to the U.S. monthly data to determine admissible and separable components. These components are then aggregated using the Divisia technique. |
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