Kelly, Logan J (2008): The Currency Equivalent Index and the Current Stock of Money.
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The currency equivalent index provides an elegant method for measuring the stock of money, but it rests upon assumptions that do not match an important characteristic of the data. Thus, it is unclear what, if anything, the CE measures. This paper attempts to answer this question by deriving the current stock of money (CSM), which is defined to be the discounted present value of the monetary service flows provided by only the current portfolio of monetary assets, and then analyzing the assumptions under which the current stock of money can be measured by the currency equivalent index.
|Item Type:||MPRA Paper|
|Original Title:||The Currency Equivalent Index and the Current Stock of Money|
|Keywords:||Currency Equilivant Index, Monetary Aggregation, Money Stock|
|Subjects:||C - Mathematical and Quantitative Methods > C4 - Econometric and Statistical Methods: Special Topics > C43 - Index Numbers and Aggregation
E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E49 - Other
|Depositing User:||Logan Kelly|
|Date Deposited:||20 Feb 2008 00:40|
|Last Modified:||21 Feb 2016 14:31|
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The Currency Equivalent Index and the Current Stock of Money. (deposited 15 Feb 2008 19:22)
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