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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
2016 Data Sources for the Credit-Card Augmented Divisia Monetary Aggregates
William A. Barnett and Liting Su
In 2013, the Center for Financial Stability (CFS) initiated its Divisia monetary aggregates database, maintained within the CFS program called Advances in Monetaryand Financial Measurement (AMFM), in accordance with Barnett (1980, 2012). The CFS is now making available Divisia monetary aggregates extended to include the transactions services of credit cards. The theory on which the new aggregates is based is provided in Barnett and Su (2014). In this paper, we provide detailed information on the data sources used in producing the new augmented Divisia monetary aggregates.
2016 Money, Velocity, and the Stock Market
Karl Pinno and Apostolos Serletis
This paper provides a study of the relationship between money growth variability, velocity, and the stock market, using recent advances in financial econometrics. We estimate a trivariate VARMA, GARCH-in-Mean, BEKK model to quantify the effects of financial market and money supply instability. We investigate the robustness of the results to different definitions of money using monthly Divisia indices for the United States from the Center for Financial Stability (CFS). Empirical evidence supports significance of financial market and money supply volatility, and we conclude that Friedman's money supply volatility hypothesis is alive and well.
2016 Nowcasting Nominal GDP with the Credit-Card Augmented Divisia Monetary
William A. Barnett, Marcelle Chauvet, Danilo Leiva-Leon and Liting Su
While credit cards provide transactions services, as do currency and demand deposits, credit cards have never been included in measures of the money supply. The reason is accounting conventions, which do not permit adding liabilities, such as credit card balances, to assets, such as money. However, economic aggregation theory and index number theory measure service flows and are based on microeconomic theory, not accounting. We derive theory needed to measure the joint services of credit cards and money.
2014 The Treatment of Financial Transactions in the SNA: A User Cost Approach
W. Erwin Diewert
The paper considers how to integrate financial transactions into the balance sheet and production accounts of a nonfinancial firm. The paper argues that the choice of a reference interest rate is just as important for nonfinancial firms as it is for financial firms and that the choice of the reference rate is tied to the firmís financing decisions. This paper is included in Eurostat Review on National Accounts and Macroeconomic Indicators in 2014, published by the Publications Office of the European Union.
2014 Shifting Perspectives on the Dual Mandate
Peter Ireland
The Federal Reserve's statutory dual mandate requires US monetary policymakers to focus on inflation and unemployment when managing interest rates and the money supply. Both economic theory and economic history strongly suggest, however, that the best way for the Fed to provide for maximum employment is by stabilizing prices first. This position paper, prepared for the March 2014 meeting of the Shadow Open Market Committee, argues that by adhering to an inflation targeting strategy and by monitoring more closely the behavior of the money supply, the Federal Reserve can continue to provide support for a strengthening economy without rekindling inflation.
2014 The Joint Services of Money and Credit
William A. Barnett and Liting Su
While credit cards provide transaction services, as do currency and demand deposits, credit cards have never been included in measures of the money supply. The reason is accounting conventions, which do not permit adding liabilities, such as credit card balances, to assets, such as money. But economic aggregation theory and index number theory are based on microeconomic theory, not accounting, and measure service flows. In this seminal paper, Barnett and Su derive the theory needed to measure the joint services of credit cards and money.

William A. Barnett and Liting Su presented this paper via video at the International Conference on Economic Recovery in the Post-Crisis Period in Skopje, Republic of Macedonia (May 29-30, 2015). Click here to see a video of this presentation, or Download a high res .m4v (350 Meg).
2014 Interest Rates and Money in the Measurement of Monetary Policy
Michael T. Belongia and Peter N. Ireland
Over the last twenty-five years, a set of influential studies has placed interest rates at the heart of analyses that interpret and evaluate monetary policies. In light of this work, the Federal Reserve's recent policy of "quantitative easing," with its goal of affecting the supply of liquid assets, appears to be a radical break from standard practice. Alternatively, one could posit that the monetary aggregates, when measured properly, never lost their ability to explain aggregate fluctuations and, for this reason, represent an important omission from standard models and policy discussions. In this context, the new policy initiatives can be characterized simply as conventional attempts to increase money growth. This view is supported by evidence that superlative (Divisia) measures of money often help in forecasting movements in key macroeconomic variables. Moreover, the statistical fit of a structural vector autoregression deteriorates significantly if such measures of money are excluded when identifying monetary policy shocks. These results cast doubt on the adequacy of conventional models that focus on interest rates alone. They also highlight that all monetary disturbances have an important "quantitative" component, which is captured by movements in a properly measured monetary aggregate.
2014 Instability: Monetary and Real
Michael T. Belongia and Peter N. Ireland
Fifty years ago, Friedman and Schwartz presented evidence of pro-cyclical movements in the money stock, exhibiting a lead over corresponding movements in output, found in historical statistics for the United States. We find similar relationships in more recent data that span three distinct episodes in monetary policy and economic activity. To see them clearly, however, one must use Divisia monetary aggregates in place of the Federal Reserveís official, simple-sum measures. A structural VAR draws tight links between Divisia money and output during each of these three periods.
2014 Real-Time Nowcasting Nominal GDP Under Structural Break
William Barnett, Marcelle Chauvet and Danilo Leiva-Leon
This paper provides early assessments of current U.S. Nominal GDP growth, which has been considered as a potential new monetary policy target. The nowcasts are computed using the exact amount of information that policy makers have available at the time predictions are made. However, real time information arrives at different frequencies and asynchronously, which poses the challenge of mixed frequencies, missing data, and ragged edges. This paper proposes a multivariate state space model that not only takes into account asynchronous information inflow it also allows for potential parameter instability. We use small scale confirmatory factor analysis in which the candidate variables are selected based on their ability to forecast GDP nominal. The model is fully estimated in one step using a nonlinear Kalman filter, which is applied to obtain simultaneously both optimal inferences on the dynamic factor and parameters. Differently from principal component analysis, the proposed factor model captures the comovement rather than the variance underlying the variables. We compare the predictive ability of the model with other univariate and multivariate specifications. The results indicate that the proposed model containing information on real economic activity, inflation, interest rates, and Divisia monetary aggregates produces the most accurate real time nowcasts of nominal GDP growth.
2013 The Treatment of Financial Transactions in the SNA: A User Cost Approach
W. Erwin Diewert
This working paper considers some of the problems associated with the indirectly measured components of financial service outputs in the System of National Accounts (SNA), termed FISIM (Financial Intermediation Services Indirectly Measured). The paper considers how to integrate financial transactions into the balance sheet and production accounts of a firm; i.e., the paper looks at FISIM more broadly. In order to minimize the role of imputations, the paper considers a firm that raises capital at the beginning of the accounting period, engages in some form of productive activity during the period and then distributes the initial capital and any profits back to the capitalists who financed the firm.
2013 The New CFS Divisia Monetary Aggregates: Design, Construction, and Data Sources
William A. Barnett, Jia Liu, Ryan S. Mattson, Jeff van den Noort
The Center for Financial Stability (CFS) has initiated a new Divisia monetary aggregates database, maintained within the CFS program called Advances in Monetary and Financial Measurement (AMFM). This paper documents the decisions of the CFS regarding United States data sources at the present time, with particular emphasis on Divisia M3 and M4. A revised version of this paper appeared in Open Economies Review, Volume 24, Issue 1, February 2013, pp 101-124.
2012 The Macroeconomic E ffects of Interest on Reserves
Peter N. Ireland
This paper uses a New Keynesian model with banks and deposits to study the macroeconomic effects of policies that pay interest on reserves. While their effects on output and inflation are small, these policies require major adjustments in the way that the monetary authority manages the supply of reserves, as liquidity effects vanish in the short run. In the long run, however, the additional degree of freedom the monetary authority acquires by paying interest on reserves is best described as affecting the real quantity of reserves: policy actions that change prices must still change the nominal quantity of reserves proportionally.
2012 Interest Rates, Leverage, and Money
Apostolos Serletis
Professor Apostolos Serletis of the University of Calgary argues that properly measured monetary aggregates can and should play an important role for the conduct of monetary policy. This study is forthcoming in Open Economies Review.
2012 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.
2012 Quantitative Easing: Interest Rates and Money in the Measurement of Monetary Policy
Michael T. Belongia and Peter N. Ireland
Over the last twenty-five years, a set of influential studies has placed interest rates at the heart of analyses that interpret and evaluate monetary policies. In light of this work, the Federal Reserve's recent policy of "quantitative easing," with its goal of affecting the supply of liquid assets, appears as a radical break from standard practice. Superlative (Divisia) measures of money, however, often help in forecasting movements in key macroeconomic variables, and the statistical fit of a structural vector autoregression deteriorates significantly if such measures of money are excluded when identifying monetary policy shocks. These results cast doubt on the adequacy of conventional models that focus on interest rates alone. They also highlight that all monetary disturbances have an important "quantitative" component, which is captured by movements in a properly measured monetary aggregate.
2012 A “Working” Solution to the Question of Nominal GDP Targeting
Michael T. Belongia and Peter N. Ireland
This paper provides a method of using Divisia monetary aggregates in policy to target nominal GDP.
2012 Divisia Monetary Aggregates, the Great Ratios, and Classical Money Demand Functions
Apostolos Serletis and Periklis Gogas
King, Plosser, Stock, and Watson (1991) evaluate the empirical relevance of a class of real business cycle models with permanent productivity shocks by analyzing the stochastic trend properties of postwar U.S. macroeconomic data. They find a common stochastic trend in a three variable system that includes output, consumption, and investment, but the explanatory power of the common trend drops significantly when they add money balances and the nominal interest rate. In this paper Serletis and Gogas revisit the cointegration tests in the spirit of King et al. (1991), using improved monetary aggregates whose construction has been stimulated by the Barnett critique. They show that previous rejections of the balanced-growth hypothesis and classical money demand functions can be attributed to mis-measurement of the monetary aggregate. This study is forthcoming in Journal of Money, Credit and Banking.
2012 Problems with the Measurement of Banking Services in a National Accounting Framework
Erwin Diewert, Dennis Flxler and Kimberly Zieschang
The paper considers some of the problems associated with the indirectly measured components of financial service outputs in the System of National Accounts (SNA), termed FISIM ( Financial Intermediation Services Indirectly Measured). This paper is published in "National Accounting and Economic Growth" published by Elgar Research Collection in 2016.
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 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.
2011 The Case for Divisia Money Targeting
Apostolos Serletis and Sajjadur Rahman
This important paper is forthcoming in the journal, Macroeconomic Dynamics.
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
2014 Asymmetric Fiscal Policy Shocks
Ioannis Praggidis, Periklis Gogas, Vasilios Plakandaras, and Theophilos Papadimitriou
This paper, which is forthcoming in The Journal of Economic Asymmetries, empirically tests the effects of unanticipated fiscal policy shocks on the growth rate and the cyclical component of real private output and reveal different types of asymmetries in fiscal policy implementation. The data used are quarterly U.S. observations over the period 1967 to 2011.
2013 Federal Reserve Transparency: Should We Want It?
William A. Barnett
This op ed cites serious defects in Fed data and identifies adverse effects on the economy. Barnett discusses possible solutions, including creation of independent alternative data sources, such as the Center for Financial Stability.
2013 Comparison of Simple Sum and Divisia Monetary Aggregates in GDP Forecasting: a Support Vector Machines Approach
Periklis Gogas, Theophilos Papadimitriou, and Elvira Takli
This study compares the forecasting ability of the simple sum and Divisia monetary aggregates with respect to U.S. GDP. The study uses machine learning techniques and concludes that Divisia monetary aggregates are superior to the simple sum monetary aggregates in terms of standard forecast evaluation statistics. This study is forthcoming in Economics Bulletin.
2012 Monetary Policy: Why Money Matters, and Interest Rates Don't
Daniel L. Thornton
Since the late 1980s the Fed has implemented monetary policy by adjusting its target for the overnight federal funds rate. Money’s role in monetary policy has been tertiary, at best. Indeed, several influential economists suggest that money is irrelevant for monetary policy: Central banks effect economic activity and inflation by a) controlling a very short-term nominal interest rate and b) by influencing financial market participants’ expectation of the future policy rate. Dr. Thornton offers an alternative perspective: namely, that money is essential for the central bank’s control over the price level and that the monetary authority’s ability to control interest rates is greatly exaggerated.
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 The Role of U.S. Risky Monetary Aggregate
Young Jin Ro
This PhD dissertation at the State University of New York at Binghamton produces broad Divisia monetary aggregates including bond mutual funds for the US. The dissertation incorporates CCAPM adjustment for risk.
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 Monetary 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 Divisia Indexes, Money and Welfare
Rubens Penha Cysne
This paper suggests the use of a particular Divisia index for measuring welfare losses due to interest rate wedges and inflation.
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
2015 Bifurcation of Macroeconometric Models and Robustness of Dynamical Inferences
William A. Barnett and Guo Chen
Bifurcation has long been a topic of interest in dynamical macroeconomic systems. Bifurcation analysis is important in understanding dynamic properties of macroeconomic models as well as in selection of stabilization policies. The goal of this survey is to summarize work by William A. Barnett and his coauthors on bifurcation analyses in macroeconomic models to facility and motivate work by others on further models. This paper appeared in Studies in Applied Economics No.32/ April 2015 from the Johns Hopkins Institute for Applied Economics, Global Health and Study for Business Enterprise.
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.
Bahrain
2012 Divisia Monetary Aggregates for the GCC Countries
Ryadh M. Alkhareif and William A. Barnett
This paper is forthcoming in the book, W. A. Barnett and F. Jawadi (eds.), Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Emerald Press.
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.
Belgium
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.
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
2016 Chinese Divisia Monetary Index and GDP Nowcasting
William A. Barnett and Biyan Tang
Abstract Since China's enactment of the Reform and Opening-Up policy in 1978, China has become one of the world's fastest growing economies, with an annual GDP growth rate exceeding 10% between 1978 and 2008. But in 2015, Chinese GDP grew at 7%, the lowest rate in 5 years. Many corporations complain that the borrowing cost of capital is too high. This paper constructs Chinese Divisia monetary aggregates M1 and M2, and, for the first time, constructs the broader Chinese monetary aggregates, M3 and M4. Those broader aggregates have never before been constructed for China, either as simple-sum or Divisia. The results shed light on the current Chinese monetary situation and the increased borrowing cost of money. GDP data are published only quarterly and with a substantial lag, while many monetary and financial decisions are made at a higher frequency. GDP nowcasting can evaluate the current month's GDP growth rate, given the available economic data up to the point at which the nowcasting is conducted. Therefore, nowcasting GDP has become an increasingly important task for central banks. This paper nowcasts Chinese monthly GDP growth rate using a dynamic factor model, incorporating as indicators the Divisia monetary aggregate indexes, Divisia M1 and M2 along with additional information from a large panel of other relevant time series data. The results show that Divisia monetary aggregates contain more indicator information than the simple sum aggregates, and thereby help the factor model produce the best available nowcasting results. In addition, our results demonstrate that China's economy experienced a regime switch or structure break in 2012, which a Chow test confirmed the regime switch. Before and after the regime switch, the factor models performed differently. We conclude that different nowcasting models should be used during the two regimes.
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
2014 Does Money Matter in the Euro Area? Evidence from a New Divisia Index
Zsolt Darvas
The author has created a euro-area Divisia-money dataset and estimate theoretically correct responses to money, user cost and interest rate shocks using structural vector-autoregressions. His findings suggest that money matters for output, prices and interest rates, while the European Central Bank can influence monetary developments.

Since no Divisia monetary aggregates are available for the euro area, the author has first created and made available a database on euro-area Divisia monetary aggregates. Plans are in place to update the dataset in the future and keep it publicly available.
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.
Finland
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.
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.
GCC (Gulf States) Area
2014 Modern and Traditional Methods of Measuring Money Supply: the Case of Saudi Arabia
Ryadh M. Alkhareif and William A. Barnett
Saudi Arabian Monetary Authority (SAMA) Working Paper #1 was released in December 2014.
2013 Advances in Monetary Policy Design: Applications to the Gulf Monetary Union
Ryadh M. Alkhareif and William A. Barnett
This book, published by Cambridge Scholars Publishing, is the first to publish Divisia-based money supply indexes and core inflation indicators for the GCC.
2012 Divisia Monetary Aggregates for the GCC Countries
Ryadh M. Alkhareif and William A. Barnett
In William A. Barnett and Fredj Jawadi (eds.), Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Emerald Press, 2012, pp. 1 - 37.
Germany
2015 The Information Content of Monetary Statistics for the Great Recession: Evidence from Germany
Wenjuan Chen and Dieter Nautz
This paper introduces a Divisia monetary aggregate for Germany and explores its information content for the Great Recession. This paper appeared in SFB 649 Economics Risk Berlin, Humboldt Universitat Zu Berlin, 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.
Hungary
1997 Divisia Indices and Estimated Money Demand Functions for Hungary
Zsoldos István
This working paper is from the Central Bank of Hungary and is written in Hungarian.
India
2015 An SVAR Approach to Evaluation of Monetary Policy in India: Solution to the Exchange Rate Puzzles in an Open Economy
William Barnett, Soumya Bhadbury and Taniya Ghosh
This paper appeared in the journal, Open Economies Review.
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 and Money Demand in Indonesia: Implications for Weighted Monetary Aggregates
Hiew Lee Chea
This study investigates Indonesia monetary regime changes and the significance of Divisia monetary aggregates in formulating the monetary policy in Indonesia from the period of 1981Q1 to 2005Q4.
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: [email protected]
2011 Send requests for Israeli Divisia monetary aggregates research to Akiva Offenbacher, Head of the Monetary and Finance Division
Akiva Offenbacher
Email: [email protected]
2011 Divisia Monetary Aggregates for Israel: 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.
Kuwait
2012 Divisia Monetary Aggregates for the GCC Countries
Ryadh M. Alkhareif and William A. Barnett
This paper is forthcoming in the book, W. A. Barnett and F. Jawadi (eds.), Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Emerald Press.
Malaysia
2008 Revisiting Money Demand In Malaysia:Simple-Sum Versus Divisia Monetary Aggregates
Chin-Hong Puah, Choi-Meng Leong, Shazali Abu Mansor and Evan Lau
This paper attempts to determine whether Divisia Monetary Aggregates are superior monetary instruments in Malaysia where monetary targeting has been replaced by interest rate targeting due to the inadequacy of the simple-sum monetary aggregates in predicting economic activities.
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.
Oman
2012 Divisia Monetary Aggregates for the GCC Countries
Ryadh M. Alkhareif and William A. Barnett
This paper is forthcoming in the book, W. A. Barnett and F. Jawadi (eds.), Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Emerald Press.
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.
Qatar
2012 Divisia Monetary Aggregates for the GCC Countries
Ryadh M. Alkhareif and William A. Barnett
This paper is forthcoming in the book, W. A. Barnett and F. Jawadi (eds.), Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Emerald Press.
Saudi Arabia
2012 Divisia Monetary Aggregates for the GCC Countries
Ryadh M. Alkhareif and William A. Barnett
This paper is forthcoming in the book, W. A. Barnett and F. Jawadi (eds.), Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Emerald Press.
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.
Spain
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.
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 Arab Emirates
2012 Divisia Monetary Aggregates for the GCC Countries
Ryadh M. Alkhareif and William A. Barnett
This paper is forthcoming in the book, W. A. Barnett and F. Jawadi (eds.), Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Emerald Press.
United Kingdom
2013 Amendments to Divisia Money Series
R. Berar and J. Owladi
This article describes improvements to be implemented to the Bank of England's Divisia money series and its components, effective the next edition of Bankstats to be published on 1st March 2013.
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.
Uruguay
2016 Divisia Monetary Aggregates and Demand for Money in Uruguay
Jose Ignacio Gonzalez
In this paper Divisia monetary aggregates were built for Uruguay in the period 1998.Q4- 2015Q2 and compared with traditional monetary aggregates. The difference increases in broader aggregates, being very small for M1 but significant for the case of M2 + bonds. Then these measures were incorporated into a money demand function and using error correction models short-run dynamics was examined, finding a quick adjustment towards long run equilibrium and with Divisia models a higher semi-elasticity for the opportunity cost of money. Over the six candidates, Divisia M2 model perform better and is the appropriate measure to track money demand and complement monetary policy analysis.
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.