Advances in Monetary and Financial Measurement Library - The Center for Financial Stability

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Key articles and books surrounding the development of advances in monetary and financial measurement. This Library does not include data archives. International and US data archives, along with regular monthly updates, can be found within other sections of the AMFM site.

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Important Books
2012	Getting It Wrong: How Faulty Monetary Statistics Undermine the Fed, the Financial System, and the Economy William A. Barnett This book appeared from MIT Press in January 2012 in both hardcover and paperback editions. The hardcover edition is a library edition, missing the cover design and back cover information.
2011	Financial Aggregation and Index Number Theory William A. Barnett and Marcelle Chauvet This book contains a collection of Barnett's most important, recent, journal publications in monetary and financial measurement. The collection is subsequent to the year 2000, during which the prior collection, Barnett and Serletis (2000), leaves off. The two books together contain fundamental background relevant to AMFM, and are up to date to the year 2011, when this book appeared.
2007	The Demand for Money: Theoretical and Empirical Approaches, Second Edition Apostolos Serletis This book was published by Springer. The book is a textbook presentation, using valid aggregation and index number theory.
2007	Inside the Economist's Mind: Conversations with Eminent Economists William A. Barnett and Paul A. Samuelson This book is a collection of interviews with many of the world's most eminent economists, including eight Nobel Laureates, two central bank governors, and a chairman of the Council of Economic Advisors. The book has been translated into seven languages and has its own web site, linked to this entry in the AMFM library. The book also has its own Blog for discussion of issues raised by the book.
2006	Money and the Economy Apostolos Serletis This textbook, using valid index number theory and aggregation theory in monetary economics, is published by World Scientific, Singapore
2006	Money, Measurement, and Computation Michael T. Belongia and Jane M. Binner This book is a collection of papers, including some important international studies with Divisia monetary aggregation.
2004	Functional Structure and Approximation in Econometrics William A. Barnett and Jane Binner This book is a collection of Barnett's most important journal articles in econometric modeling.
2000	The Theory of Monetary Aggregation William A. Barnett and Apostolos Serletis This book is the best source of the fundamental background in monetary and financial measurement. The book contains a collection of Barnett's most important journal articles in monetary aggregation and index number theory up to the year of publication of this book. The newer book, Barnett and Chauvet (2011), takes over where this book leaves off.
2000	Divisia Monetary Aggregates: Right in Theory, Useful in Practice? Michael T. Belongia and Jane M. Binner This book is a collection of international studies of applications of Divisia monetary aggregates in policy.
1991	A Theory of Production for the Financial Firm Diana Hancock This book was published by Kluwer Academic Publishers, Norwell, Massachusetts.
1989	Money Demand and Monetary Policy Douglas Fisher This textbook, published by University of Michigan Press, uses valid aggregation theory and index number theory in a more elementary manner than the Serletis and Rahman (2007) book, which is more appropriate for a graduate course. The Fisher book is suitable for an undergraduate course.
1981	Consumer Demand and Labor Supply William A. Barnett W. A. Barnett's 1981 book, Consumer Demand and Labor Supply is out of print but has been scanned and put online. Chapter 7 is highly relevant to AMFM. That chapter provides systematic presentation of the relevant, fundamental theory and empirical applications, following publication of Barnett's seminal 1980 Journal of Econometrics paper, which marked the beginning of the modern literature on monetary aggregation and index number theory.
Important Papers Highly Relevant to AMFM
2011	A Comprehensive Revision of the U.S. Monetary Services (Divisia) Indexes Richard G. Anderson and Barry E. Jones This paper about the St. Louis Federal Reserve Bank's Divisia monetary aggregates has appeared in the Federal Reserve Bank of St. Louis Review, Sept/Oct, vol. 93, no. 4, 2011, pp. 325-359.
2011	The Case for Divisia Money Targeting Apostolos Serletis and Sajjadur Rahman This important paper has been submitted to the journal, Macroeconomic Dynamics.
2010	How Better Monetary Statistics Could Have Signaled the Financial Crisis William A. Barnett and Marcelle Chauvet This important paper explores the disconnect of Federal Reserve data from index number theory and contains some of the motivation for Barnett's forthcoming MIT Press book, Getting It Wrong. We find that most recessions in the past 50 years were preceded by more contractionary monetary policy than indicated by simple-sum monetary data. Divisia monetary aggregate growth rates were generally lower than simple-sum aggregate growth rates in the period preceding the Great Moderation, and higher since the mid 1980s. Monetary policy was more contractionary than likely intended before the 2001 recession and more expansionary than likely intended during the subsequent recovery. A revised draft of this paper appeared in the Journal of Econometrics, vol. 161, no. 1, March 2011, pp. 6-23.
2010	The Barnett Critique After Three Decades: A New Keynesian Analysis Michael T. Belongia and Peter N. Ireland This paper has been submitted to a Journal of Econometrics special issue being produced in honor of the paper, Barnett (1980). The editors of the special issue are James Heckman and Apostolos Serletis.
2007	Multilateral Aggregation-Theoretic Monetary Aggregation over Heterogeneous Countries William A. Barnett This paper appeared in revised form in the Journal of Econometrics, vol. 136, no. 2, February 2007, pp 457-482. It derives fundamental new theory for measuring monetary service flows aggregated over countries within a multicountry economic union and for monitoring distribution effects across countries within the union. The longer form ECB working paper, also included within the AMFM library, incorporates more specialized theory relevant to application of the general theory to the European Monetary Union. This paper is reprinted in the book, Barnett and Chauvet (2011), as chapter 6, and a revised version appears as appendix 3 to the new book, Barnett (2011).
2005	On the User Costs of Risky Monetary Assets William A. Barnett and Shu Wu A revised draft of this working paper appered in the Annals of Finance," vol. 1, no. 1, January 2005, pp. 35-50, and has been reprinted in the book, Barnett and Chauvet (2011), as chapter 3. We extend the monetary-asset user-cost risk adjustment of Barnett, Liu, Xu, and Jensen (1997) and their risk-adjusted Divisia monetary aggregates to the case of multiple non-monetary assets and intertemporal non-separability. Our model generates larger and more accurate CCAPM user-cost risk adjustments than those in Barnett, Liu, Xu, and Jensen.
1997a	Fellow's Opinion: Econometrics, Data, and the World Wide Web William A. Barnett This paper advocated an increased role for independent centers in providing economic data on the web and can be viewed as anticipating this Center for Financial Stability over a decade in advance. A revised draft of this working paper appeared in the Journal of Econometrics, vol. 77, 1997, pp. 297-302.
1997b	Which Road Leads to Stable Money Demand William A. Barnett This important working paper was subsequently published in a special issue of the Economic Journal, vol. 107, no. 443, July 1997, pp. 1171-1185, and has been reprinted in the book, Barnett and Serletis (2000), as chapter 24.
1997	The CAPM Risk Adjustment Needed for Exact Aggregation over Financial Assets William A. Barnett, Yi Liu, Haiyang Xu, and Mark Jensen This fundamentally important paper extended the field of index number theory to the case of contemporaneous risk. Much of this working paper subsequently appeared as "The CAPM Risk Adjustment for Exact Aggregation over Financial Assets," by W. A. Barnett, Yi Liu, and Mark Jensen, in Macroeconomic Dynamics, vol. 1, no. 2, 1997, pp. 485-512, and has been reprinted in the book, Barnett and Serletis (2000), as chapter 12. Much of this theory is included in appendix 4 of the new book, Barnett (2011).
1996	Measurement Matters: Recent Results from Monetary Economics Reexamined Michael T. Belongia This paper appeared in the Journal of Political Economy, vol. 104, no. 5, October, pp. 1065-1083.
1995	Money, Output, and Prices: Evidence from a New Monetary Aggregate Julio J. Rotemberg, John C. Driscoll, and James M. Poterba This NBER Working Paper No. 3824 appeared in revised form in the Journal of Business and Economic Statistics, vol. 13, no. 1, January, pp. 67-83. The paper originated the CE index as a measure of monetary service flow. Barnett (1991) proved that the CE index is inferior to the Divisia index as a flow measure. But Barnett (1991) also proved that the CE index can measure the economic capital stock of money as the discounted, expected Divisia flow under martingale expectations. This result has motivated the subsequent research on measuring the economic capital stock of money under weaker assumptions on expectations, such as Barnett, Chae, and Keating (2006) and Barnett, Keating, and Kelly (2008).
1994	A Perspective on the Current State of Macroeconomic Theory William A. Barnett This original working paper has appeared in a revised form in the International Journal of Systems Science, vol. 25, no. 5, 1994, pp. 839-848, and has been reprinted in the book, Barnett and Serletis (2000), as chapter 25. That special edition consisted of opinion papers regarding the state of the field of macroeconomics. This paper contains my views on that subject.
1994	Empirical Evidence on the Recent Behavior and Usefulness of Simple-Sum and Weighted Measures of the Money Stock K. Alec Chrystal and Ronald MacDonald This paper coined the term "Barnett critique." The paper appeared in the St. Louis Federal Reserve Bank Review, March/April, vol. 76, no. 2, pp. 73 - 109.
1989	The Changing Empirical Definition of Money: Some Estimates from a Model of the Demand for Money Substitutes Michael T. Belongia and James A. Chalfant This paper appeared in the Journal of Political Economy, vol. 97, pp. 387-97.
1987	The Microeconomic Theory of Monetary Aggregation William A. Barnett This paper provides a systematic derivation of the theory of monetary aggregation under perfect certainty for consumers, firms, and financial intermediaries. The paper first appeared in W. A. Barnett and K. Singleton (eds.), New Approaches to Monetary Economics, and was reprinted as chapter 3 of the book, Barnett and Serletis (2000). A revised version of that paper appears as appendix 1 to the new book, Barnett (2011).
1987	Money in the Utility Function: An Empirical Implementation James M. Poterba and Julio J. Rotemberg This NBER Working Paper No. 1796 appeared in the book, Barnett and Singleton (eds.), New Approaches to Monetary Economics, Cambridge U. Press, pp. 219-240. This paper was the first to point out that index number theory had not been extended to the case risk in prices and interest rates. This important insight motivated the subsequent, successful extension of the field of index number theory to include risk by Barnett and Liu (1997) and Barnett, Liu, and Jensen (1997).
1984	The New Divisia Monetary Aggregates William A. Barnett, Edward K. Offenbacher, and Paul A. Spindt This paper, based upon Barnett (1980), contains the first empirical comparisons of Divisia monetary aggregates with simple-sum monetary aggregates in policy applications. That paper, published in the Journal of Political Economy, vol. 92, 1984, pp. 1049-1085, has been reprinted as chapter 17 of the book, Barnett and Serletis (2000).
1981	Aggregation of Monetary Assets William A. Barnett The landmark paper that began the modern literature on monetary aggregation and index number theory is Barnett's "Economic Monetary Aggregates: An Application of Index Number and Aggregation Theory," Journal of Econometrics, September 1980, pp. 11-48, and has been reprinted in the book, Barnett and Serletis (2000), as chapter 2. The published paper cannot be put online, since the copyright is owned by the publisher. But the original, longer working paper, which contains more than appears in the published journal article, appeared as chapter 7 of Barnett's book, Consumer Demand and Labor Supply. Since that book now is out of print, we can put that chapter online and have done so here.
1980	Economic Monetary Aggregates: An Application of Aggregation and Index Number Theory William A. Barnett This paper contains the first derivation of the Divisia money formula and the first computation and use of Divisia monetary aggregates. The paper also contains the derivation and use of the Fisher idea monetary-aggregation formula. The paper appeared in the Journal of Econometrics, vol. 14, pp. 11-48, and was reprinted in the book, Barnett and Serletis (2000), as chapter 1.
1978	The User Cost of Money William A. Barnett This paper, which contains the first mathematical derivation of the user-cost price of money, was published in Economic Letters, vol. 1, no. 2, pp. 145-149. The paper is reprinted as chapter 1 of the book, Barnett and Serletis (2000). This proof ended the long debate about the "price of money" and provided the initial result needed in Barnett's (1980) derivation of the Divisia and Fisher ideal monetary aggregates.
Secondary Papers Highly Relevant to AMFM
2011	Redundancy or Mismeasurement? A Reappraisal of Money Joshua R. Hendrickson A revised version of this paper is forthcoming in Macroeconomic Dynamics.
2011	Rethinking the Liquidity Puzzle: Application of a New Measure of the Economic Money Stock Logan J. Kelly, William A. Barnett, and John W. Keating A revised draft appeared in the Journal of Banking and Finance, vol. 35, no. 4, April 2011, pp. 765-1026.
2010	Audit the Federal Reserve? William A. Barnett A revised draft appeared in the Central Banking Journal, vol. 20, no. 3, February 2010, pp. 45-50.
2009a	Who's Looking at the Fed's Books? William A. Barnett This op ed appeared in the New York Times, October 22, 2009, p. A35.
2009b	This is No Way to Fix the Fed William A. Barnett This op ed appeared in the Kansas City Star, December 15, 2009, pp. C7 and C16.
2009a	International Financial Aggregation and Index Number Theory: A Chronological Half-Century Empirical Overview William A. Barnett and Marcelle Chauvet A revised draft of this working paper appeared in the Open Economies Review, vol. 20, no 1, February 2009, pp. 1 - 37, and has been reprinted in the book, Barnett and Chauvet (2011), as chapter 1.
2009b	The End of the Great Moderation William A. Barnett and Marcelle Chauvet This paper appeared in the 2009 JSM Proceedings, American Statistical Association, 2009.
2009	Admissible Clustering of Aggregator Components: A Necessary and Sufficient Stochastic Semi-Nonparametric Test for Weak Separability William A. Barnett and Philippe de Peretti Blockwise weak separability is the fundamental, necessary condition for clustering of goods or assets into an admissible group for aggregation. This paper provides a state-of-the-art procedure for testing that admissibility condition. A revised draft of this working paper appeared in Macroeconomic Dynamics, vol. 13, Supplement 2, 2009, September, pp. 317-334. A related paper by de Peretti, "Testing the Significance of the Departures from Weak Separability," appeared as chapter 1 in the book, W. A. Barnett and A. Serletis (2007), Functional Structure Inference, Elsevier, 2007, pp. 3-22.
2009	Measurement Error in Monetary Aggregates: A Markov Switching Factor Approach William A. Barnett, Marcelle Chauvet, and Heather Tierney A revised draft of this working paper appeared in Macroeconomic Dynamics, vol. 13, Supplement 2, 2009, September, pp. 381-412, and has been reprinted in the book, Barnett and Chauvet (2011), as chapter 7.
2008a	Divisia Monetary Index William A. Barnett A revised draft of this encyclopedia entry appeared in William A. Darity (ed.), International Encyclopedia of the Social Sciences, 2nd Edition, vol. 2, Macmillan Reference, Detroit, 2008, pp. 422-423.
2008b	Supply of Money William A. Barnett A revised version of this encyclopedia entry appeared in William A. Darity (ed.), International Encyclopedia of the Social Sciences, 2nd Edition, vol. 5, Macmillan Reference, Detroit, 2008, pp. 260-261.
2008c	What Broke the Bubble? William A. Barnett A shorter version of the paper, without the charts, appeared as a Guest Commentary in the Kansas City Star Business Weekly on Tuesday, November 11, 2008, Section D, pp. D8-D9.
2008	Operational Identification of the Complete Class of Superlative Index Numbers: an Application of Galois Theory William A. Barnett and Ki-Hong Choi A revised draft of this working paper appeared in the Journal of Mathematical Economics, vol. 44, no. 7, July 2008, pp. 603-612.
2008	Divisia Second Moments: An Application of Stochastic Index Number Theory William A. Barnett, Barry E. Jones, and Travis D. Nesmith This paper appeared in the International Review of Comparative Public Policy, vol. 8, pp. 115-138.
2008	Toward a Bias Corrected Currency Equivalent Index William A. Barnett, John W. Keating, and Logan J. Kelly A revised draft of this working paper appeared in Economics Letters, vol. 100, issue 3, Sept 2008, pp. 448-451.
2007	Aggregation-Theoretic Monetary Aggregation over the Euro Area, when Countries are Heterogeneous William A. Barnett This paper also is available as ECB Working Paper No. 260 on the web site of the European Central Bank. A revised, shorter version of this working paper was published as "Multilateral Aggregation-Theoretic Monetary Aggregation over Heterogeneous Countries," in the Journal of Econometrics, vol. 136, no. 2, February 2007, pp. 457-482. A draft of the shorter, published version also is in the AMFM library.
2007	Flexible Functional Forms, Curvature Conditions, and the Demand for Assets Apostolos Serletis and Asghar Shahmoradi This paper appeared in Macroeconomic Dynamics, vol. 11, pp. 455-486.
2006	Is Macroeconomics a Science? William A. Barnett A revised draft of this paper appeared as the foreword to the book, Apostolos Serletis (2006).
2006	Exchange Rate Determination from Monetay Fundamentals: an Aggregation Theoretic Approach William A. Barnett and Chang Ho Kwag This paper finds that the monetary model of exchange rate determination, which has usually been found not to work with simple-sum monetary aggregates, succeeds when Divisia monetary aggregates are used. A slightly revised draft appeared in Frontiers in Finance and Economics, vol. 3, no. 1, 2006, pp. 29-48, and has been reprinted in the book, Barnett and Chauvet (2011), as chapter 5.
2006	The Own-Price of Money and the Channels of Monetary Transmission Michael T. Belongia and Peter N. Ireland This paper appeared in the Journal of Money, Credit, and Banking, vol 38, 429-445.
2006	The Discounted Economic Stock of Money with VAR Forecasting William A. Barnett, Unja Chae, and John Keating A revised draft appeared in the Annals of Finance, vol. 2, no. 2, July 2006, pp. 229-258. This paper measures the economic stock of money as the discounted present value of the Divisia service flow under various assumptions about expectations. The results have important implications for measurement of the wealth effects of monetary policy.
2005	Revisions to User Costs for the Federal Reserve Bank of St. Louis Monetary Services Indices Richard G. Anderson and Jason Buol This paper appeared in the Federal Reserve Bank of St. Louis Review, November/December, vol. 87, no. 6, pp. 735-749.
2005	Sweep Programs and Optimal Monetary Aggregation Barry Jones, Donald Dutkowsky, and Thomas Elger This paper appeared in the Journal of Banking and Finance, vol. 29, pp. 483-508.
2005	The Nonlinear Skeletons in the Closet William A. Barnett, Barry E. Jones, Milka Kirova, Travis Nesmith, and Meenakshi Pasupathy A revised draft of this paper appeared in the book, Belongia and Binner (2005), pp. 9-42.
2004	Searching for Divisia / Inflation Relationships with the Aggregate Feedforward Network V. Schmidt and J. M. Binner This paper appeared in Advances in Econometrics, vol. 19, pp. 225-241.
2004	Co-Evolving Neural Networks with Evolutionary Strategies: a New Application to Divisia Money J. M. Binner, G. Kendall, and A. M. Gazely This paper appeared in Advances in Econometrics, vol. 19, pp. 127-144.
2003	Divisia Index, Inflation, and Welfare Rubens Penha Cysne This working paper subsequently appeared in the Journal of Money, Credit, and Banking, 2003, vol. 35, no. 2, April, pp. 221-238. The paper extends Lucas's research on the welfare cost of inflation to the case of interest bearing money.
2003	The Differential Approach to Superlative Index Number Theory William A. Barnett, Ki-Hong Choi, and Tara M. Sinclair A revised version of this working paper appeared in a special issue of Agricultural and Applied Economics, vol. 35, supplement, 2003, pp. 59-64.
2001	The Relative Forecasting Performance of the Divisia and Simple Sum Monetary Aggregates Donald L. Schunk This paper appeared in the Journal of Money, Credit and Banking, vol. 33, pp. 272-283.
2000	Microeconomic Foundations of an Optimal Currency Area James L. Swofford This paper appeared in the Review of Financial Economics, vol. 9, pp. 121-128.
2000	Beyond the Risk Neutral Utility Function William A. Barnett and Yi Liu This working paper appeared in revised form in the book, Belongia and Binner (2000), pp. 11-27.
2000	The Exact Theoretical Rational Expectations Monetary Aggregate William A. Barnett, Melvin J. Hinich, and Piyu Yue This working paper subsequently appeared in revised form in Macroeconomic Dynamics, June 2000, vol. 4, no. 2, pp. 197-221, and has been reprinted in the book, Barnett and Chauvet (2011), as chapter 2.
1999	Divisia Money in a Composite Leading Indicator of Inflation. J. M. Binner, A. Fielding, and A. W. Mullineux A revised version of this paper appeared in Applied Economics, vol. 31, pp. 1021-1031.
1998	Money Velocity with Interest Rate Stochastic Volatility and Exact Aggregation William A. Barnett and Haiyang Xu This paper appeared in revised form as "Stochastic Volatility in Interest Rates and Nonlinearity" in the International Journal of Systems Science, 1998, vol. 29, no. 11, pp. 1189-1201, and has been reprinted in the book, Barnett and Serletis (2000), as chapter 13.
1997	The CAPM-Extended Divisia Monetary Aggregate with Exact Tracking under Risk William A. Barnett and Yi Liu Much of this working paper subsequently appeared as "The CAPM Risk Adjustment for Exact Aggregation over Financial Assets," by W. A. Barnett, Yi Liu, and Mark Jensen, in Macroeconomic Dynamics, vol 1, no 2, 1997, pp. 485-512. This research extended the field of index number theory to the case of risk.
1997a	Building New Monetary Services Indexes: Concepts, Data, and Methods Richard G. Anderson, Barry E. Jones, and Travis D. Nesmith This paper appeared in the Federal Reserve Bank of St. Louis Review, vol. 79, 1997, pp. 53-82.
1997b	Monetary Aggregation Theory and Statistical Index Numbers Richard G. Anderson, Barry E. Jones, and Travis D. Nesmith This paper appeared in the Federal Reserve Bank of St. Louis Review, vol. 79, 1997, pp. 31-51.
1997c	Introduction to the St. Louis Monetary Services Index Project Richard G. Anderson, Barry E. Jones, and Travis D. Nesmith This paper appeared in the Federal Reserve Bank of St. Louis Review, vol. 79, 1997, pp. 25-29, and has been reprinted in the book, Barnett and Serletis (2000), as appendix A. The paper documents the work done there to produce its Divisia monetary aggregates, which the St. Louis Fed calls the Monetary Services Indexes (MSI). A newer paper is expected to appear in that Review documenting the updated vintage of MSI, following the five year freeze of the data.
1996	Statistics under the Spotlight: Improving the Consumer Price Index William A. Barnett, Katharine G. Abraham, Robert J. Gordon, Jack E. Triplett, David W. Wilcox, and Kirk M. Wolter This document includes the transcript of a tape-recorded statement by W. A. Barnett and the panel discussion that followed on the subject of the Consumer Price Index and of federal data quality. The tape recording was from an invited session, organized by the Bureau of Labor Statistics, at the annual meetings of the American Statistical Association in Chicago in 1996. Plots are provided of a newly merged long term data base produced by splicing Commerce Department data with Kuznet's earlier historical data base. The result is consumption quantity and price data at various levels of aggregation linked directly to federal data updates, but extending back over a century of economic history. This unique data base was produced by Barry Jones and Travis Nesmith, while working as Visiting Scholars at the St. Louis Federal Reserve Bank. The full transcript appeared in the American Statistical Association's 1996 Proceedings of the Section on Government Statistics.
1995	Estimating Policy-Invariant Technology and Taste Parameters in the Financial Sector, When Risk and Growth Matter William A. Barnett, Milka Kirova, Meenakshi Pasupathy, and Piyu Yue This working paper appeared in revised form in the Journal of Money, Credit, and Banking, November 1995, vol. 27, part 2, pp. 1402-1430, and has been reprinted in the book, Barnett and Serletis (2000), chapter 22.
1992	An Extended Series of Divisia Monetary Aggregates Daniel L. Thornton and Piyu Yue This paper appeared in the Federal Reserve Bank of St. Louis Review, November/December, pp. 35-52.
1992	Consumer Theory and the Demand for Money William A. Barnett, Douglas Fisher, and Apostolos Serletis This paper surveys the literature on the demand for money and on monetary measurement in a manner intended to be accessible to nonspecialists. The paper appeared in the Journal of Economic Literature, vol. 30, pp. 2086-2119 and has been reprinted in the book, Barnett and Serletis (2000), as chapter 18, pp. 167-194.
1991	A Reply to Julio J. Rotemberg William A. Barnett This paper appeared in the book, M. T. Belongia (ed.), Monetary Policy on the 75th Anniversary of the Federal Reserve System, Kluwer Academic, Boston, pp. 232-244, and has been reprinted in the book, Barnett and Serletis (2000), as chapter 14. The theory developed in this paper is the foundation for appendix 2 in the new book, Barnett (2011). The paper derives the economic stock of money as the discounted present value of the service flow and shows that the CE index can measure that stock under martingale expectations.
1991	The Demand for Divisia Money in the United States: A Dynamic Flexible Demand System Apostolos Serletis This paper appeared in the Journal of Money, Credit and Banking, vol. 23, pp. 35-52.
1985	The Financial Firm: Production with Monetary and Non-Monetary Goods Diana Hancock This paper appeared in the Journal of Political Economy, vol. 93, pp. 859-880.
1985	Currency Substitution and the New Divisia Monetary Aggregates: The U. S. Case Jaime Marquez This paper is Federal Reserve Board International Finance Discussion Paper 257. A revised draft appeared as "Money Demand in Open Economies: A Divisia Application to the U. S. Case," in W. A. Barnett and K. J. Singleton (eds.), New Approaches to Monetary Economics, Cambridge University Press, 1987.
1985	Revisions to the Monetary Services (Divisia) Indexes of the Monetary Aggregates Helen T. Farr and Deborah Johnson This paper appeared as Federal Reserve Board Staff Study 147.
1984	Recent Monetary Policy and the Divisia Monetary Aggregates William A. Barnett This paper demonstrated that Paul Volcker's policy during the period of the "monetarist experiment" produced a recession, because the policy was tighter than reflected by the official simple-sum monetary aggregates. Those simple-sum aggregates were on the intended target path, but the Divisia monetary aggregates were growing half as fast as the simple-sum aggregates and hence produced a greater shock to the economy than intended. The paper appeared in the American Statistical Association journal, the American Statistician, vol. 38, pp. 162-172, and is reprinted in the book, Barnett and Serletis (2000), as chapter 23.
1983a	New Indices of Money Supply and the Flexible Laurent Demand System William A. Barnett The "Barnett critique" is about internal inconsistency among data construction formulas and the models within which the formulas are used in applications. That internal inconsistency can produce the appearance of structural change, when none has occurred. The paper specifies and estimates a new demand-for-money system of equations, with Divisia monetary aggregates nested within them, in an entirely coherent manner. The paper appeared in the Journal of Business and Economic Statistics, vol. 1, pp. 7-23 and has been reprinted in the book, Barnett and Serletis (2000), as chapter 16. A more recent, similar paper by Apostolos Serletis and Asghar Shahmoradi, "Bayesian Estimation of Flexible Functional Forms, Curvature Conditions and the Demand for Assets," appears as chapter 4 in the book, W. A. Barnett and A. Serletis (2007), Functional Structure Inference, Elsevier, 2007, pp. 59 - 84.
1983b	Understanding the New Divisia Monetary Aggregate William A. Barnett This paper was produced to make the Divisia-monetary-aggregates formula understandable to users not fully familiar with the relevant index-number and aggregation theories. The paper also explains the source of various occasional misunderstandings about the formula and theory. The paper appeared in the Review of Public Data Use, vol. 11, pp. 349-355 and has been reprinted in the book, Barnett and Serletis (2000), as chapter 4. A revised version also appears as appendix 5 in the new book, Barnett (2011).
1982	The Optimal Level of Monetary Aggregation William A. Barnett This paper explores the theory and empirical evidence relevant to choosing the optimal level of monetary aggregation. When components are properly weighted in accordance with index number theory, the broadest level of aggregation captures the most information. Sadly the Federal Reserve, in correctly recognizing that improperly-weighted monetary aggregates deteriorate as the level of aggregation increases, terminated its two broad aggregates, M3 and L, rather than correcting the improperly-weighted simple-sum formula. The paper originally appeared in the Journal of Money, Credit, and Banking, vol 1, pp. 687-710 and has been reprinted in the book, Barnett and Serletis (2000), as chapter 7.
1976	Exact and Superlative Index Numbers W. Erwin Diewert This paper appeared in the Journal of Econometrics, vol. 4, pp. 115-45. The paper unified the fields of index number theory and aggregation theory over goods.
1963	Capital Theory and Investment Behavior Dale W. Jorgenson This paper appeared in the American Economic Review, vol. 53, pp. 247-259.
Technical Papers Relevant to Use within Econometric Models
2009a	Measuring Consumer Preferences and Estimating Demand Systems William A. Barnett and Apostolos Serletis A revised draft of this working paper appeared in Daniel Slottje (ed.), Quantifying Consumer Preferences, Contributions to Economic Analysis, Emerald Press, Bingley, UK, 2009, pp. 1-35.
2009b	The Differential Approach to Demand Analysis and the Rotterdam Model William A. Barnett and Apostolos Serletis A revised draft appeared in Daniel Slottje (ed.), Quantifying Consumer Preferences, Contributions to Economic Analysis, Emerald Press, Bingley, UK, 2009, pp. 61-81.
2008	Rotterdam Model versus Almost Ideal Demand System: Will the Best Specification Please Stand Up? William A. Barnett and Ousmane Seck A revised draft of this working paper appeared in the Journal of Applied Econometrics, vol. 23, no. 23, 2008, pp. 798-824.
2008	Consumer Preferences and Demand Systems William A. Barnett and Apostolos Serletis A revised draft of this working paper appeared in the Journal of Econometrics, vol. 147, 2008, pp. 210-224.
2007	The Theoretical Regularity Properties of the Normalized Quadratic Consumer Demand Model William A. Barnett and Ikuyasu Usui A revised draft of this working paper appeared in the book, W. A. Barnett and A. Serletis (2007), Functional Structure Inference, Elsevier, 2007, pp. 107 - 127.
2003	Regularity of the Generalized Quadratic Production Model: A Counterexample William A. Barnett and Meenakshi Pasupathy A revised version of this working paper appeared on pp. 135 - 154 of Econometric Reviews, vol. 22, no. 2, 2003.
2002	Tastes and Technology: Curvature is not Sufficient for Regularity William A. Barnett A revised version of this working paper appeared in the Journal of Econometrics, vol. 108, no. 1, May 2002, pp. 199-202, and has been reprinted in the book, Barnett and Binner (2004), as chapter 17.
2002	Technology Modeling: Curvature is not Sufficient for Regularity William A. Barnett, Milka Kirova, and Meenakshi Pasupathy A revised draft of this working paper appeared in the Journal of Econometrics, vol. 108, no. 1, May 2002, pp. 199-202.
1994	Financial Firms' Production and Supply-Side Monetary Aggregation Under Dynamic Uncertainty William A. Barnett and Ge Zhou This paper appeared in the Federal Reserve Bank of St. Louis Review, March/April, pp. 133-165, and has been reprinted in the book, Barnett and Serletis (2000), as chapter 21.
1990	A Dispersion-Dependency Diagnostic Test for Aggregation Error: with Applications to Monetary Economics and Income Distribution William A. Barnett and Apostolos Serletis A revised draft of this paper appeared in the Journal of Econometrics, vol. 43, pp. 5-34, and has been reprinted in the book, Barnett and Serletis (2000), as chapter 9.
Technical Papers Relevant to Nonlinear Dynamic Modeling
2011	Bifurcation Analysis of Zellner's Marshallian Macroeconomic Model Sanjibani Banerjee, William A. Barnett, Evgeniya Duzhak, and Ramu Gopalan A revised draft of the paper appeared in the Journal of Economic Dynamics and Control, vol 35, no. 9, September 2011, pp. 1577-1585.
2010	Empirical Assessment of Bifurcation Regions within New Keynesian Models William A. Barnett and Evgeniya Aleksandrovna Duzhak A revised draft appeared in the journal, Economic Theory, vol. 45, nos. 1-2, 2010, pp. 99-128.
2010	Existence of Singularity Bifurcation in an Euler-Equations Model of the United States Economy: Grandmont was Right William A. Barnett and Susan He A revised draft appeared in a special issue of the journal, Economic Modelling, vol. 27, no. 6, November 2010, pp. 1345-1354.
2008	Non-Robust Dynamic Inferences from Macroeconometric Models: Bifurcation Stratification of Confidence Regions William A. Barnett and Evgeniya Aleksandrovna Duzhak A revised draft of this working paper appeared in Physica A, vol. 387, pp. 3817-3825.
2007	Gains from Synchronization William A. Barnett and Mehmet Dalkir This paper investigates the transmission mechanisms of noise and volatility among countries through trade links and the effects of synchronization on business cycles. A revised version of this working paper appeared in Studies in Nonlinear Dynamics and Econometrics, vol. 11, no. 1, March 2007, article 2, pp. 1 - 28.
2006	Singularity Bifurcation Yijun He and William A. Barnett A revised version of this working paper appeared in the Journal of Macroeconomics, vol. 28, 2006, pp. 5-22.
2004	Center Manifold, Stability, and Bifurcations in Continuous Time Macroeconometric Systems William A. Barnett and Yijun He A revised version of this working paper subsequently was included as "Bifurcations in Macroeconomic Models," in the book, Steve Dowrick, Rohan Pitchford, and Steven Turnovsky (eds), Economic Growth and Macroeconomic Dynamics: Recent Developments in Economic Theory, Cambridge University Press, 2004, pp. 95-112.
2002	Stabilization Policy as Bifurcation Selection: Would Keynesian Policy Work if the World Really were Keynesian William A. Barnett and Yijun He A revised version of this working paper appeared in Macroeconomic Dynamics, vol. 6, no. 5, November 2002, pp. 713-747.
2001	Unsolved Econometric Problems in Nonlinearity, Chaos, and Bifurcation William A. Barnett and Yijun He A revised version of this working appear appeared in the Central European Journal of Operations Research, vol. 9, July 2001, pp. 147-182.
2000	Martingales, Nonlinearity, and Chaos William A. Barnett and Apostolos Serletis This working paper was subsequently published in revised form in the Journal of Economic Dynamics and Control, June 2000, vol. 24, pp. 703-724. The subject of the paper is the relationship between the efficient markets hypothesis and chaotic dynamics. We explore the question of whether or not dynamical systems theory is relevant to finance, and we report on empirical evidence.
1999	Bifurcation in Continuous-Time Macroeconomic Systems William A. Barnett and Yijun He A revised version of this original working paper was subsequently published as "Stability Analysis of Continuous-Time Macroeconometric Systems," in Studies in Nonlinear Dynamics and Econometrics, January 1999, vol. 3, no. 4, pp. 169-188.
1997	Nonlinear and Complex Dynamics in Economics William A. Barnett, Alfredo Medio, and Apostolos Serletis This paper consists of a survey of the economics literatures on nonlinearity, complex dynamics, and chaos. The paper surveys both the theoretical and empirical research in these areas and emphasizes unsolved problems and unresolved issues. A revised draft will be published in Macroeconomic Dynamics.
1997	A Single-Blind Controlled Competition Among Tests for Nonlinearity and Chaos William A. Barnett, A. Ronald Gallant, Melvin J. Hinich, Jochen A. Jungeilges, Daniel T. Kaplan, and Mark J. Jensen This working paper contains the results of a large scale competition. The tests entered into the competition include White's neural net test, the BDS test, Kaplan's test, the NEGM Lyapunov exponent test, and the Hinich bispectrum test. The paper has been published in slightly revised form in the Journal of Econometrics, vol. 77, 1997, pp. 297-302, and has been reprinted in the book, Barnett and Binner (2004), as chapter 26.

Studies Producing International Divisia Monetary Aggregates

	Australia
2000	Weighted Monetary Aggregates: Empirical Evidence for Australia G. C. Lim and Vance L. Martin This paper appeared in the book, Belongia and Binner (2000), pp. 249-262.
1985	A Divisia System Approach to Modeling Monetary Aggregates T. V. Hoa This paper appeared in Economics Letters, vol. 17, pp. 365-368.
	Austria
1996	Aggregating Money Demand in Europe with a Divisia Index Katrin Wesche This paper, using pre-euro data, is University of Bonn Institute für Internationale Wirtschaftspolitik Projektbereich B Discussion Paper No. B-392, November.
1985	Monetary Aggregates, Their Information Content and Their Aggregation Error: Some Preliminary Findings for Austria, 1965-1980 M. J. Driscoll, J. L. Ford, A. W. Mullineux, and W. Kohler This paper about pre-euro Austria appeared in Empirical Economics, vol. 10, pp. 13-25.
	Barbados
1989	Money: Its Measure and its Influence on the Economy of Barbados Kurt Lambert This research is a Master's thesis at the University of Texas at Austin.
	Brazil
2002	Indicadores Derivados de Agregados Monetários F. A. F. Neto and J. Albuquerque This central bank working paper is in Trabalhos para Discussão 47, Banco Central do Brasil, Setembro.
2000	Weighted Monetary Aggregation: an Analysis of Causality J. A. Devino This paper appeared in "Economia Aplicada," São Paulo, vol. 4, pp. 723-742.
1997	An Analysis of the Money Demand Using Divisia Monetary Aggregates and Box-Cox Transformation J. A. Devino This paper appeared in Revista Nova Economia, Belo Horizonte, FACE/UFMG, December, pp. 181-246.
	Bulgaria
1997	Money Aggregates in a Transition Economy: the Case of Bulgaria, 1991-1995 Georgy Ganev This research is a Ph.D. thesis at Washington University in St. Louis.
	Canada
2000	The Canadian Experience with Weighted Monetary Aggregates David Longworth and Joseph Atta-Mensah This paper appeared in the book, Belongia and Binner (2000), pp. 265-291.
2000	Monetary Aggregation and Monetary Policy A. Serletis and T. E. Molik This paper appeared in Money, Monetary Policy and Transmission Mechanisms, Bank of Canada, pp. 103-135.
1998	The Demand for Money in an Open Economy: Some Evidence for Canada C. J. Hueng This paper appeared in the North American Journal of Economics and Finance, vol. 9, pp. 15-31.
1994	The Canadian Experience with Weighted Monetary Aggregates David Longworth and Joseph Atta-Mensah This paper is a Bank of Canada Working Paper.
1981	A Comparison of Alternative Methods for Monetary Aggregation: Some Preliminary Evidence J. Cockerline and J. Murray This paper is Technical Report #28, Bank of Canada, Ottawa, Canada.
1978	Modeling the Demand for Liquid Assets: An Application to Canada Donal J. Donovan This is IMF Staff Paper #25, pp. 676-704.
	Chile
1990	Divisia Monetary Aggregates: Could They Have Made a Difference in Chilean Monetary Policy, 1970-1987? Katerina Taiganides This research is a Master's thesis at the University of Texas at Austin.
	China
2007	Divisia Monetary Indexes of Aggregate Money: Measurement Method and Case Study Guo Hong-Xia This research is based on the author's Master's thesis at Hunan University in 2007.
2000	Monetary Services and Money Demand in China Q. Yu and A. K. Tsui This paper appeared in the China Economic Review, vol. 11, pp. 134-148.
	Denmark
2006	The Problem of Measuring Money: Results from an Analysis of Divisia Monetary Aggregates for Denmark Lisbeth la Cour This paper appeared in the book, Belongia and Binner (2006), pp. 185-210.
	European Monetary Union
2009	Comparison of Simple Sum and Divisia Monetary Aggregates Using Panel Data Analysis S. Celik and S. Uzun This paper appeared in the International Journal of Social Sciences and Humanity Studies, vol. 1, pp. 1-13.
2009	Admissable Monetary Aggregates for the Euro Area J. M. Binner, R. K. Bissoondeeal, C. T. Elger, B. E. Jones, and A. W. Mullineux This paper appeared in the Journal of International Money and Finance, vol. 28, pp. 99-114.
2008	Evaluating the Performance of a EuroDivisia Index Using Artificial Intelligence Techniques. J. M. Binner, A. M. Gazely, and G. Kendall A revised version of this paper appeared in International Journal of Automation and Computing, vol. 5, pp. 58-62.
2005	A Comparison of Linear Forecasting Models and Neural Networks; An Application to Euroinflation and EuroDivisia J. M. Binner, R. Bissoondeeal, T. Elger, A. M. Gazely, and A. W. Mullineux A revised version of this paper appeared in Applied Economics, vol. 37, pp. 665-680.
2003	Aggregation-Theoretic Monetary Aggregation over the Euro Area, When Countries Are Heterogeneous W. A. Barnett This paper is European Central Bank Working Paper No. 260, available on the ECB's web site. A shorter form appeared as Barnett (2007) in the Journal of Econometrics. For the reference to that published paper, see the Important Papers Highly Relevant to AMFM Section of the AMFM library.
2002	Analysing Divisia Aggregates for the Euro Area H. E. Reimers This paper, using pre-euro data, is Discussion Paper 13/02, Economic Research Centre of the Deutsche Bundesbank, Frankfurt.
2001	Does Liquidity Matter: Properties of a Synthetic Divisia Monetary Aggregate in the Euro Area L. Stracca The paper is European Central Bank Working Paper no. 79, Frankfurt.
2001	Constructing Historical Euro-Zone Data A. Beyer, J. A. Doornick, and D. F. Hendry This paper appeared in the Economic Journal, vol. 111, pp. 308-327.
2000	Divisia Aggregates and the Demand for Money in Core EMU M. M. G. Fase This paper appeared in the book, Belongia and Binner (2000), pp. 138-172.
1997	Monetary Integration and Currency Substitution in the EMS: The Case of a European Monetary Aggregate P. Spencer This article appeared in the European Economic Review, vol. 41, pp. 1403-1419.
1997	The Demand for Divisia Money in a Core Monetary Union K. Wesche This paper appeared in the Federal Reserve Bank of St. Louis Review, vol. 7, pp. 51-60.
1996	Aggregating Money Demand in Europe with a Divisia Index Katrin Wesche This paper, using pre-euro data, is University of Bonn Institute für Internationale Wirtschaftspolitik Projektbereich B Discussion Paper No. B-392, November.
1994	Money Demand within the EMU: an Analysis with the Divisia Measure M. M. G. Fase and C. C. A. Winder This paper appeared in De Nederlandsche BankNV, Amsterdam, pp. 25-55.
	France
2002	Analysing Divisia Aggregates for the Euro Area H. E. Reimers This paper, using pre-euro data, is Discussion Paper 13/02, Economic Research Centre of the Deutsche Bundesbank, Frankfurt.
1996	Divisia Monetary Aggregates: A Survey in the Case of France S. Lecarpentier This paper about pre-euro France appeared in the book, A. Mullineux (ed.), Financial Innovation, Banking, and Monetary Aggregates, Edward Elgar, Cheltenham.
1996	Aggregating Money Demand in Europe with a Divisia Index Katrin Wesche This paper, using pre-euro data, is University of Bonn Institute für Internationale Wirtschaftspolitik Projektbereich B Discussion Paper No. B-392, November.
	Germany
2006	Estimating a Regular Continuous-Time System of Demand for World Monies with Divisia Data K. P. Donaghy and D. M. Richard This paper appeared in the book, Belongia and Binner (2006), pp. 76-103.
2002	Analysing Divisia Aggregates for the Euro Area H. E. Reimers This paper, using pre-euro data, is Discussion Paper 13/02, Economic Research Centre of the Deutsche Bundesbank, Frankfurt.
2000	Consequences of Money Stock Mismeasurement: Evidence from Three Countries Michael T. Belongia This paper about pre-euro Germany appeared in Belongia and Binner (2000), pp. 292-312.
2000	Neural Networks with Divisia Money: Better Forecasts of Future Inflation Robert E. Dorsey This paper about pre-euro Germany appeared in Belongia and Binner (2000), pp. 28-46.
2000	Weighted Dutch and German Monetary Aggregates: How Do They Perform as Monetary Indicators for the Netherlands? Norbert G. J. Janssen and Clemens J. M. Kool This paper about pre-euro Germany appeared in Belongia and Binner (2000), pp. 120-137.
2000	Weighted Monetary Aggregates for Germany Heinz Herrman, Hans-Eggert Reimers, and Karl-Heinz Toedter This paper about pre-euro Germany appeared in Belongia and Binner (2000), pp. 79-101.
1996	Divisia in Germany W. Gaab This paper about pre-euro Germany appeared in the book, A. Mullineux (ed.), Financial Innovation, Banking, and Monetary Aggregates, Edward Elgar, Cheltenham.
1996	Aggregating Money Demand in Europe with a Divisia Index Katrin Wesche This paper, using pre-euro data, is University of Bonn Institute für Internationale Wirtschaftspolitik Projektbereich B Discussion Paper No. B-392, November.
	India
2010	The Divisia Monetary Indices as Leading Indicators of Inflation M. Ramachandran, Rajib Das, and Binod B. Bhoi This paper is Reserve Bank of India Development Research Group Study No. 36, Mumbai
2001	Simple Sum vs. Divisia Monetary Aggregates: An Empirical Evaluation D. Acharya and B. Kamaiah This paper appeared in the Economic and Political Weekly, vol. 36, pp. 317-326.
1999	Will the Right Monetary Aggregate for India Please Stand Up? R. Jha and I. S. Longjam This paper appeared in the Economic and Political Weekly, vol. 34, pp. 631-630.
1995	Fiscal and Monetary Actions: A Test of Relative Importance of the Economic Monetary Aggregates and their Simple Sum Counterparts M. Ramachanran This paper appeared in Prajnan, vol. 24, pp. 125-137.
1991	Simple Sum vs. Superlative Monetary Aggregates for India Ganti Subrahmanyam and S. B. Swami This paper appeared in the Journal of Quantitative Economics, vol. 17, pp. 79-92.
1989	Weighted Monetary Aggregates: Rationale and Relevance for India N. Jadhav This paper is Reserve Bank of India Occasional Papers, 10, pp. 39-56.
1989	Weighted Monetary Aggregates for India: 1970-1986. R. Kannan This paper appeared in Prajnan, vol. 18, pp. 453-460.
	Indonesia
2010	Financial Liberalization, Weighted Monetary Aggregates, and Money Demand in Indonesia Puah Chin-Hong and Heiw Lee-Chea This paper appeared in the Labuan Bulletin of International Business & Finance, vol. 8, December, pp. 76-93.
1999	Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies M.S. Habibullah This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing.
	Iran
2007	The Role of Definition of Money in the Stability of the Iranian Demand for Money P. Davoudi and Z. Zarepour This paper appeared in Iranian Economic Research, vol. 29, pp. 47-74.
	Israel
2011	Send requests for information about the Israeli Divisia monetary aggregates data to the Bank of Israel Information and Statistics Department Bank of Israel Information & Statistics Department Email: statistics@boi.org.il
2011	Send requests for Israeli Divisia monetary aggregates research to Akiva Offenbacher, Head of the Monetary and Finance Division Akiva Offenbacher Email: akoffen@bankisrael.gov.il
2011	Divisia Monetary Aggregates for Isreal: Background Note and Metadata Edward (Akiva) Offenbacher and Shachar Shemesh This Bank of Israel working paper provides background information relevant to the Bank of Israel Divisia monetary aggregates.
	Italy
1999	A Neural Network Approach to Inflation Forecasting: the Case of Italy J. M. Binner and A. M. Gazely This paper on pre-euro Italy appeared in Global Business and Economics Review, vol. 1, pp. 76-92.
1996	Measuring Money with a Divisia Index: An Application to Italy E. Gaiotti This paper about pre-euro Italy appeared in the book, A. Mullineux (ed.), Financial Innovation, Banking, and Monetary Aggregates, Edward Elgar, Cheltenham.
	Japan
2009	Comparison of Simple Sum and Divisia Monetary Aggregates Using Panel Data Analysis S. Celik and S. Uzun This paper appeared in the International Journal of Social Sciences and Humanity Studies, vol. 1, pp. 1-13.
2006	Estimating a Regular Continuous-Time System of Demand for World Monies with Divisia Data K. P. Donaghy and D. M. Richard This paper appeared in the book, Belongia and Binner (2006), pp. 76-103.
2000	Consequences of Money Stock Mismeasurement: Evidence from Three Countries Michael T. Belongia This paper appeared in the book, Belongia and Binner (2000), pp. 292-312.
2000	Broad and Narrow Divisia Monetary Aggregates for Japan Kazuhiko Ishida and Koji Nakamura This paper appeared in the book, Belongia and Binner (2000), pp. 173-199.
1996	Financial Deregulation and Divisia Monetary Aggregates in Japan K. Hirayama and M. Kasuya This paper appeared in the book, A. Mullineux (ed.), Financial Innovation, Banking, and Monetary Aggregates, Edward Elgar, Cheltenham.
1984	Divisia Monetary Aggregates and the Demand for Money: A Japanese Case Kazuhiko Ishida This paper appeared in the Bank of Japan Monetary and Economic Studies, vol. 2, pp. 49-80.
	Malaysia
2007	Scale Variable Specification in a Money Demand Function for Malaysia J. Dahalan, S. C. Sharma, and K. Sylwester This paper appeared in the Journal of Asian Economics, vol 18 pp. 867-882.
2005	Divisia Monetary Aggregates and Money Demand for Malaysia J. Dahalan, S. C. Sharma, and K. Sylwester This paper appeared in the Journal of Asian Economics, vol. 15, pp. 1137-1153.
2002	Determinants and Stability of Demand for M2 in Malaysia S. S. Sriram This paper appeared in the Journal of Asian Economics, vol. 13, pp. 337-356.
1999	Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies M. S. Habibullah This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing
	Mexico
1989	Construction of New Monetary Aggregates: the Case of Mexico Alfredo M. Sandoval This research is a Ph.D. thesis at the University of Texas at Austin.
	Myanmar
1999	Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies M. S. Habibullah This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing.
	Nepal
1999	Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies M. S. Habibullah This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing.
	Netherlands
2000	Weighted Dutch and German Monetary Aggregates: How Do They Perform as Monetary Indicators for the Netherlands? Norbert G. J. Janssen and Clemens J. M. Kool This paper about pre-euro Netherlands appeared in the book, Belongia and Binner (2000), pp. 120-137.
1996	Aggregating Money Demand in Europe with a Divisia Index Katrin Wesche This paper, using pre-euro data, is University of Bonn Institute für Internationale Wirtschaftspolitik Projektbereich B Discussion Paper No. B-392, November.
1985	Monetary Control, The Dutch Experience: Some Reflections on the Liquidity Ratio M. M. G. Fase This paper about pre-euro Netherlands appeared in the book, C. van Ewijk and J. J. Klant (eds.), Monetary Conditions for Economic Recovery, Martinus Nijhoff, Dordrecht, pp. 95-125.
	Pakistan
2011	Money Demand Function for Pakistan (Divisia Approach) Haroon Sarwar, Zakir Hussain, and Masood Sarwar Awan This working paper is online in the Munich Personal RePEc Archive. The paper’s conclusion is that the “State Bank of Pakistan should abandon the simple sum aggregation technique and switch over to the Divisia aggregates, which have more aggregation theoretic foundations.”
1997	The Demand for Simple-Sum and Divisia Monetary Aggregates for Pakistan: A Cointegration Approach S. M. Tariq and K. Matthews This paper appeared in the Pakistan Development Review, vol. 3, pp. 275-291.
1988	Substitutability of Pakistan’s Monetary Assets under Alternative Monetary Aggregates M Aynul Hasan, S. Ghulam Kadir, and S. Fakhre Mahmud The paper appeared in the journal, The Pakistan Development Review, vol. 27, pp. 317-326.
	Peru
1991	Seigniorage, Inflation and Monetary Policy: the Case of Peru, 1985-1989 Veronica Ruiz de Castilla This research is a Master's thesis at the University of Texas at Austin.
	Philippines
1999	Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies M. S. Habibullah This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing.
	Poland
2003	Monetary Assets Expenditures and Economic Growth Krysztof Kluza and Stanislaw Kluza This paper was presented at the 23rd Conference on Monetary Policy, National Bank of Poland, November 27-28, 2003.
2001	Zastosowanie Indeksów Divisia w Polsce S. Kluza This research appeared in rozprawa doctorska, Kolegium Analiz Ekonomicznych, Szkola Glówna Handlowa, Warszawa.
1999	Konstrukcja Pieniężnych Agregatów Divisia w Warunkac Polskich N. Cieśla This paper appeared in Materialy i Studia nr 89, NBP, Warszawa.
	Saudi Arabia
2009	Linear and Nonlineaer Techniques for Estimating the Money Demand Function for Saudi Arabia Mamdooh Saad Alsahafi This research is a Ph.D. thesis at the University of Kansas
	Singapore
1999	Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies M. S. Habibullah This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing.
	South Korea
2000	The Signals from Divisia Money in a Rapidly Growing Economy Jeong Ho Hahm and Jun Tae Kim This paper appeared in the book, Belongia and Binner (2000), pp. 200-226.
1999	Rationale for Divisia Monetary Aggregates in 'Deregulated' Asian Developing Economies M. S. Habibullah This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing Limited, pp. 67-111.
	Sri Lanka
1999	Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies M. S. Habibullah This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing.
	Switzerland
2000	Simple-sum versus Divisia Money in Switzerland: Some Empirical Results Robert Fluri and Erich Spoerndli This paper appeared in the book, Belongia and Binner (2000), pp. 102-119.
1996	Monetary Aggregates in Switzerland H. Genberg and S. Neftci This paper appeared in the book, A. Mullineux (ed.), Financial Innovation, Banking, and Monetary Aggregates, Edward Elgar, Cheltenham.
1991	Divisia Monetary Services Indexes for Switzerland: Are They Useful for Monetary Targeting? P. Yue and R. Fluri This paper appeared in the Federal Reserve Bank of St. Louis Review, vol. 73, pp. 19-33.
	Taiwan
2004	Financial Innovation and Divisia Money in Taiwan: Comparative Evidence from Neural Network and Vector Error-Correction Forecasting Models J. M. Binner, A. M. Gazely, S. H. Chen, and B. T. Chie This paper appeared in Contemporary Economic Policy, vol. 22, pp. 213-224.
2002	Financial Innovation in Taiwan; An Application of Neural Networks to the Broad Monetary Aggregates. J. M. Binner, A. M. Gazely, and S. H. Chen A revised version of this paper appeared in European Journal of Finance, vol. 8, pp. 238-247.
2000	Divisia Monetary Aggregates for Taiwan Y. C. Shih This paper appeared in the book, Belongia and Binner (2000), pp. 227-248.
1999	Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies M. S. Habibullah This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing
	Thailand
1999	Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies M. S. Habibullah This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing.
	Turkey
2009	An Empirical Study of Simple Sum and Divisia Monetary Aggregation: A Comparison of Their Predictive Power Regarding Prices and Output in Turkey Dogan Karaman This research is a PhD thesis at the University of Kansas.
2009	Comparison of Simple Sum and Divisia Monetary Aggregates Using Panel Data Analysis S. Celik and S. Uzun This paper appeared in the International Journal of Social Sciences and Humanity Studies, vol. 1, pp. 1-13.
2008	Divisia Measure of Currency and Asset Substitution for Turkey Ayse Ozden Birkan This paper is in Essays on Turkish Monetary Policy, PhD thesis, University of Utah
2006	Alternative Measures of Currency and Asset Substitution: The Case of Turkey Ayse Ozden Birkan This pape is a Policy Innovations working paper.
1999	Divisia Monetary Aggregates: An Empirical Investigation of Their Usefulness for Turkey S. Celik and S. Uzun This research is a PhD thesis at the University of Nebraska.
1993	Türkiye’deki Parasal Büyüklükler İçin İndeks ve Bilesim Teorisinin Bir Uygulamasi: Divisia ve Fisher İndeksi Kursat Kunter This paper is written in Turkish.
	United Kingdom
2010	Household-Sector Money Demand for the UK R. Bissoondeeal, B. Jones, J. M. Binner, and A. W. Mullineux This paper appeared in the journal, Manchester School (Economic and Social Studies), vol. 78, pp. 90-113.
2009	Financial Innovation in the UK: New Tier-Adjusted Household Sector Monetary Services Indexes J. M. Binner A revised version of this paper appeared in Global Business and Economics Review, vol. 11, pp. 44-64.
2009	Comparison of Simple Sum and Divisia Monetary Aggregates Using Panel Data Analysis S. Celik and S. Uzun This paper appeared in the International Journal of Social Sciences and Humanity Studies, vol. 1, pp. 1-13.
2009	An Evaluation of UK Risky Money: an Artificial Intelligence Approach. J. M. Binner, A. M. Gazely, and G. Kendall A revised version of this paper appeared in Global Business and Economics Review, vol 11, issue 1, pp. 1-18.
2008	A Note on the Optimal Level of Monetary Aggregation in the U.K. T. Elger, B. E. Jones, D. Edgerton, and J. M. Binner A revised version of this paper appeared in Macroeconomic Dynamics, vol. 12, pp. 117-131.
2006	Estimating a Regular Continuous-Time System of Demand for World Monies with Divisia Data K. P. Donaghy and D. M. Richard This paper appeared in the book, Belongia and Binner (2006), pp. 76-103.
2005	Divisia Money Matthew Hancock This paper appeared in the Bank of England Quarterly Bulletin, Spring, pp. 39-46.
2004	The UK Household Sector Demand for Risky Money T. Elger and J. M. Binner This paper appeared in Berkeley Electronic Press, Topics in Macroeconomics Series, vol. 4, no. 1, article 3.
2000	A Neural Network Approach to the Divisia Index Debate: Evidence from Three Countries A. M. Gazely and J. M. Binner A revised version of this paper appeared in Applied Economics, vol. 32, pp. 1607-1615.
2000	Weighted Monetary Aggregates for the UK Leigh Drake, K. Alec Chrystal, and Jane M. Binner This paper appeared in the book, Belongia and Binner (2000), pp. 47-78.
1996	On the Demand for Divisia and Simple-Sum M3 in German E. Gaiotti This paper appeared in the book, A. Mullineux (ed.), Financial Innovation, Banking, and Monetary Aggregates, Edward Elgar, Cheltenham.
1996	The Demand for Divisia Money by the Personal Sector and by Industrial and Commercial Companies N. Janssen This paper appeared in the Bank of England Quarterly Bulletin, November, pp. 405-409.
1996	Financial Innovation and Monetary Aggregates in the UK J. L. Ford and A. Mullineux This paper appeared in the book, A. Mullineux (ed.), Financial Innovation, Banking, and Monetary Aggregates, Edward Elgar, Cheltenham.
1993	Divisia Measures of Money P. G. Fisher, S. Hudson, and M. Pradhan This paper appeared in the Bank of England Quarterly Bulletin, vol. 33, no. 2. pp. 240-252.
1992	The Substitutability of Financial Assets in the U. K. and the Implication for Monetary Aggregation Leigh Drake This paper appeared in Manchester School of Economics and Social Studies, vol. 60, pp. 221-248.
1991	An Admissible Monetary Aggregate for the United Kingdom Michael T. Belongia and Alec K. Chrystal This paper appeared in the Review of Economics and Statistics, vol. 73, pp. 497-503.
1988	A Monetary Services Index R. Batchelor This paper appeared in Economic Affairs, vol. 8, pp. 17-20.
	United States
2011	Advances in Monetary and Financial Measurement Center for Financial Stability AMFM will be a central source for Divisia monetary aggregates data for the US and the rest of the world. While much of the data will be contributed, some US data will be produced by, and proprietary to, the CFS.
2011	A Comprehensive Revision of the U.S. Monetary Services (Divisia) Indexes Richard G. Anderson and Barry E. Jones This paper about the St. Louis Federal Reserve Bank's Divisia monetary aggregates is forthcoming in the Federal Reserve Bank of St. Louis Review, Sept/Oct, vol. 93, no. 4, 2011.
1984	The New Divisia Monetary Aggregates William A. Barnett, Edward K. Offenbacher, and Paul A. Spindt This paper, based upon Barnett (1980), contains the first empirical comparisons of Divisia monetary aggregates with simple-sum monetary aggregates in policy applications. That paper, published in the Journal of Political Economy, vol. 92, 1984, pp. 1049-1085, has been reprinted as chapter 17 of the book, Barnett and Serletis (2000).
1981	Aggregation of Monetary Assets William A. Barnett The landmark paper that began the modern literature on monetary aggregation and index number theory is Barnett's "Economic Monetary Aggregates: An Application of Index Number and Aggregation Theory," Journal of Econometrics, September 1980, pp. 11-48, and has been reprinted in the book, Barnett and Serletis (2000), as chapter 2. The published paper cannot be put online, since the copyright is owned by the publisher. But the original, longer working paper, which contains more than appears in the published journal article, appeared as chapter 7 of Barnett's book, Consumer Demand and Labor Supply. Since that book now is out of print, we can put that chapter online and have done so here.
1980	Economic Monetary Aggregates: An Application of Aggregation and Index Number Theory William A. Barnett This paper contains the first derivation of the Divisia money formula and the first computation and use of Divisia monetary aggregates. The paper also contains the derivation and use of the Fisher idea monetary-aggregation formula. The paper appeared in the Journal of Econometrics, vol. 14, pp. 11-48, and was reprinted in the book, Barnett and Serletis (2000), as chapter 1.
	World
2006	Estimating a Regular Continuous-Time System of Demand for World Monies with Divisia Data K. P. Donaghy and D. M. Richard This unique paper contains the only currently-available construction of a World Divisia monetary aggregate. The analytically sophisticated approach to that aggregation over world monies used numerical integration in continuous time. The paper appeared in the book, Belongia and Binner (2006), pp. 76-103.