Divisia Monetary Aggregates

1. Front Matter

   Pages i-xv

   PDF

2. Introductory Comments, Definitions, and Research on Indexes of Monetary Services

   1. Introductory Comments, Definitions, and Research on Indexes of Monetary Services

      • Michael T. Belongia

      Pages 1-8

3. New Results in Theory and Practice

   1. Front Matter

      Pages 9-9

      PDF

   2. Beyond the Risk-neutral Utility Function

      • William A. Barnett, Yi Liu

      Pages 11-27

   3. Neural Networks with Divisia Money: Better Forecasts of Future Inflation

      • Robert E. Dorsey

      Pages 28-43

4. Evidence from European Economies and the Planned EMU Area

   1. Front Matter

      Pages 45-45

      PDF

   2. Weighted Monetary Aggregates for the UK

      • Leigh Drake, K. Alec Chrystal, Jane M. Binner

      Pages 47-78

   3. Weighted Monetary Aggregates for Germany

      • Heinz Herrmann, Hans-Eggert Reimers, Karl-Heinz Toedter

      Pages 79-101

   4. Simple-sum versus Divisia Money in Switzerland: Some Empirical Results

      • Robert Fluri, Erich Spoerndli

      Pages 102-119

   5. Weighted Dutch and German Monetary Aggregates: How Do They Perform as Monetary Indicators for The Netherlands

      • Norbert G. J. Janssen, Clemens J. M. Kool

      Pages 120-137

   6. Divisia Aggregates and the Demand for Money in Core EMU

      • Martin M. G. Fase

      Pages 138-169

5. Evidence from the Pacific Basin

   1. Front Matter

      Pages 171-171

      PDF

   2. Broad and Narrow Divisia Monetary Aggregates for Japan

      • Kazuhiko Ishida, Koji Nakamura

      Pages 173-199

   3. The Signals from Divisia Money in a Rapidly Growing Economy

      • Jeong Ho Hahm, Jun Tae Kim

      Pages 200-226

   4. Divisia Monetary Aggregates for Taiwan

      • Yen Chrystal Shih

      Pages 227-248

   5. Weighted Monetary Aggregates: Empirical Evidence for Australia

      • G. C. Lim, Vance L. Martin

      Pages 249-262

6. Evidence from North America

   1. Front Matter

      Pages 263-263

      PDF

   2. The Canadian Experience with Weighted Monetary Aggregates

      • David Longworth, Joseph Atta-Mensah

      Pages 265-291

   3. Consequences of Money Stock Mismeasurement: Evidence from Three Countries

      • Michael T. Belongia

      Pages 292-312

7. Back Matter

   Pages 313-321

   PDF

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.

• Inflation
• money
• Switzerland
• banking

• University of Mississippi, USA

  Michael T. Belongia

• Department of Finance and Business Information Systems, Nottingham Business School, UK

  Jane M. Binner

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

Policies and ethics