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The leading researchers from central banks and universities around the world debate issues central to the performance of Divisia monetary aggregates both in theory and in practice. The overall conclusion is that Divisia monetary aggregates outperform their simple sum counterparts in a wide range of applications the world over. The book is the first volume-length study of empirical data and theoretical research on the subject.
List of contents
List of Figures List of Tables List of Contributors Introductory Comments, Definitions, and Research on Indexes of Monetary Services; M.T.Belongia PART I: NEW RESULTS IN THEORY AND PRACTICE Beyond the Risk-Neutral Utility Function; W.A.Barnett & Y.Liu Neutral Networks with Divisia Money: Better Forecasts of Future Inflation?; R.E.Dorsey PART II: EVIDENCE FROM EUROPEAN ECONOMIES AND THE PLANNED EMU AREA Weighted Monetary Aggregates for the U.K.; L.Drake, K.A.Chrystal & J.M.Binner Weighted Monetary Aggregates for Germany; H.Hermann, H.Reimers & K.Toedter Simple Sum v. Divisia Money in Switzerland: Some Empirical Results ; R.Fluri & E.Spoerndli The Relevance of Weighted Monetary Aggregates in the Netherlands; N.G.J.Janssen & C.J.M.Kool Divisia Aggregates and the Demand for Money in Core EMU; M.M.G.Fase PART III: EVIDENCE FROM THE PACIFIC BASIN Broad and Narrow Divisia Monetary Aggregates for Japan; K.Ishida & K.Nakamura The Signals from Divisia Money in a Rapidly-Growing Economy; J.H.Hahm & J.T.Kim Divisia Monetary Aggregates for Taiwan; Y.C.Shih Weighted Monetary Aggregates: Empirical Evidence for Australia; G.C.Lim & V.L.Martin PART IV: EVIDENCE FROM NORTH AMERICA The Canadian Experience with Weighted Monetary Aggregates; D.Longworth & J.Atta-Mensah Consequences of Money Stock Mismeasurement: Evidence from Three Countries; M.T.Belongia
About the author
JOSEPH ATTA-MENSAH Senior Analyst, Bank of Canada
WILLIAM A. BARNETT is the originator of the Divisia Monetary Aggregates and a Fellow of the American Statistical Association
K. ALEC CHRYSTAL Professor of Monetary Economics, City University Business School and is presently on leave as Research Adviser at the Bank of England
ROBERT E. DORSEY Associate Professor of Economics and Finance, University of Mississippi
LEIGH DRAKE Reader, Economics Department, Loughborough University
MARTIN M. G. FASE Deputy Director, Nederlandsche Bank
ROBERT FLURI Deputy Head of Statistics Section, Swiss National Bank
JEONG HO HAHM Deputy General Manager, Cheongju Branch, Bank of Korea
HEINZ HERMANN Senior Economist, Research Department, Deutsche Bundesbank, Frankfurt am Main
KAZUHIKO ISHIDA Bank of Japan
NORBERT G. J. JANSSEN Analyst, Bank of England's Monetary Assessment and Strategy Division
JUN TAE KIM Bank of Korea
CLEMENS J.M. KOOL Professor of Money, Banking and European Financial Markets, University of Maastricht, Netherlands
G.C. LIM Assistant Professor of Economics, University of Melbourne
YI LIU Assistant Professor of Economics, University of South Alabama
DAVID LONGWORTH Chief in the Bank of Canada Research Department
VANCE L. MARTIN Reader in Economics, University of Melbourne
KOJI NAKAMURA Bank of Japan
HANS-EGGERT REIMERS Professor, Economics Department, Fachhochschule Wismar
YEN CHRYSTAL SHIH Central Bank of China, Republic of Taiwan
ERICH SPOERNDLI Director, Monetary Operations Division, Swiss National Bank
KARL-HEINZ TOEDTER Senior Economist, Research Department, Deutsche Bundesbank, Frankfurt am Main
