Munich Personal RePEc Archive

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

Belongia, Michael (2005): Where simple sum and Divisia monetary aggregates part: illustrations and evidence for the United States.

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Abstract

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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