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Advances in Monetary and Financial Measurement (AMFM)
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Library
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.
Secondary Papers Highly Relevant to AMFM |
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. |
Studies Using or Producing International Divisia Monetary Aggregates
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