Divisia Aggregates

Michael T. Belongia · Peter N. Ireland

This 2022 Journal of Economic Dynamics & Control paper by Michael Belongia and Peter Ireland asks whether a policy rule that steers the growth rate of money, rather than the short-term nominal …

William A. Barnett

This 1980 paper lays out the theoretical foundation for treating monetary aggregates such as M2 as genuine economic quantities and derives the Divisia index as the theoretically correct way to measure …

K. Alec Chrystal · Ronald MacDonald

This 1994 Federal Reserve Bank of St. Louis Review paper by K.

Michael T. Belongia

This 1996 Journal of Political Economy paper by Michael T. Belongia asks a narrow but consequential question: do the qualitative conclusions of recent monetary economics depend on whether money is …

Zhengyang Chen · Victor J. Valcarcel

This 2021 Journal of Economic Dynamics and Control paper by Zhengyang Chen and Victor Valcarcel shows that the Wu-Xia (2016) shadow federal funds rate — a standard modern-sample proxy for the stance …

Michael T. Belongia · Peter N. Ireland

This 2018 International Journal of Central Banking paper by Michael T. Belongia and Peter N.

Michael T. Belongia · Peter N. Ireland

This 2014 Journal of Econometrics paper by Michael Belongia and Peter Ireland asks whether Barnett's (1980) decades-old critique of simple-sum monetary aggregation -- that adding up the nominal values …

William A. Barnett

This 1978 Economics Letters paper by William A. Barnett asks what the correct price of holding a monetary asset actually is -- the "user cost" or equivalent rental price of the liquidity services a …