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The theory of monetary aggregation

Barnett, William A.

The theory of monetary aggregation

Record Type:	Electronic resources : Monograph/item
Title/Author:	The theory of monetary aggregationedited by William A. Barnett andApostolos Serletis.
other author:	Barnett, William A.
Published:	Amsterdam ;Elsevier,2000.
Description:	1 online resource (xxxiii, 675 p.) :ill.
Subject:	Index numbers (Economics)
Online resource:	http://www.emeraldinsight.com/0573-8555/245
ISBN:	9781849508490 (electronic bk.)

The theory of monetary aggregation
The theory of monetary aggregation[electronic resource] /edited by William A. Barnett andApostolos Serletis. - Amsterdam ;Elsevier,2000. - 1 online resource (xxxiii, 675 p.) :ill. - Contributions to economic analysis,v. 2450573-8555 ;. - Contributions to economic analysis ;v. 210..

Includes bibliographical references (p. 617-648) and indexes.

Understanding the new divisia monetary aggregates -- Economic monetary aggregates : an application of index number and aggregation theory -- Divisia indices -- Divisia monetary aggregates -- The optimal level of monetary aggregation -- New concepts of aggregated money / Paul Spindt -- A dispersion-dependency diagnostic test for aggregation error : with applications to monetary economics andincome distribution / Apostolos Serletis -- Exact aggregation under risk -- Monitoring monetary aggregates under risk aversion / Piyu Yue -- CAPM risk adjustment / Mark Jensen -- Stochastic volatility in interest rates and nonlinearity in velocity / Haiyang Xu -- A reply to Julio J. Rotemberg -- Partition of M2+as a joint product : commentary / Ge Zhou -- New indices of money supply and the flexible laurent demand system -- The new Divisia monetary aggregates / Paul A. Spindt -- Consumer theoryand the demand for money / Apostolos Serletis -- The regulatory wedge between the demand-side and supply-side aggregation-theoretic monetary aggregates / Warren E. Weber -- Financial-firm production of monetary services : a generalized symmetric Barnett variable-profit-function approach / Jeong Ho Hahm -- Financial-firms' production and supply-side monetary aggregation under dynamic uncertainty /Ge Zhou -- The microeconomic theory of monetary aggregation -- Estimating policy-invariant deep parameters in the financial sector when risk and growth matter / Meenakshi Pasupathy -- Recent monetarypolicy and the Divisia monetary aggregates -- Which road leads to stable money demand? -- Perspective on the current state of macroeconomic theory -- The user cost of money -- Introduction to the St.Louis monetary services index project / Travis D. Nesmith.

In recent years, there has been renewed interest in index number andaggregation theory, sincethe two previously divergent fields have been successfully unified. The underlying aggregator functions which are weakly separable subfunctions of utility and production functions, are the building blocks of economic theory, and the derivation of index numbers based upon their ability to track those building blocks is now called the economic theory of index numbers. William Barnett, the coeditor of this volume, introduced modern economic index number theory into monetary economics. His merger of economic index number theory, with monetary theory was based upon the use of Diewert's approach toproducing superlative nonparametric approximations to the theoretically exact aggregator functions.This book comprises a focussed and unified collection of Barnett's most important publications in this area. The papers in thebook have been organized into logical sections, with unifying introductions and overviews. The result is a systematic development of the state-of-the-art in monetary and financial aggregation theory. The sectionscover the origin of the user cost price of monetary services. Exact aggregation of monetary assets on the demand side for consumers and firms, and on the supply side for financial intermediaries, general equilibrium of all economic agents' demands and supplies, dynamic solution of the exact system, and extension to monetary aggregation under risk. The extension of index number theory to the case of risk is completely general, and can be applied to tracking any exact economic aggregator underrisk. In all cases, the criterion used for evaluation is the tracking ability of the approximation to the exact aggregator function of economic theory.Many of the empirical and policy puzzles in monetary economics disappear when simple sum monetary aggregates are replaced by index numbers that are coherent with theory. Simple sum monetary aggregates became incoherent with theory, when monetary assets began paying interestand therefore could no longer be viewed as perfect substitutes. This is a useful tool to those associated with economics departments within universities, business schools, central banks and federal governments, financial institutions including underwriters, bankers and stockbrokers.

ISBN: 9781849508490 (electronic bk.)

LCCN: 00034082Subjects--Topical Terms:

238747
Index numbers (Economics)

LC Class. No.: HB225 / .T49 2000

Dewey Class. No.: 332.4/15

Universal Decimal Class. No.: 311.141

The theory of monetary aggregation
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520 $a In recent years, there has been renewed interest in index number andaggregation theory, sincethe two previously divergent fields have been successfully unified. The underlying aggregator functions which are weakly separable subfunctions of utility and production functions, are the building blocks of economic theory, and the derivation of index numbers based upon their ability to track those building blocks is now called the economic theory of index numbers. William Barnett, the coeditor of this volume, introduced modern economic index number theory into monetary economics. His merger of economic index number theory, with monetary theory was based upon the use of Diewert's approach toproducing superlative nonparametric approximations to the theoretically exact aggregator functions.This book comprises a focussed and unified collection of Barnett's most important publications in this area. The papers in thebook have been organized into logical sections, with unifying introductions and overviews. The result is a systematic development of the state-of-the-art in monetary and financial aggregation theory. The sectionscover the origin of the user cost price of monetary services. Exact aggregation of monetary assets on the demand side for consumers and firms, and on the supply side for financial intermediaries, general equilibrium of all economic agents' demands and supplies, dynamic solution of the exact system, and extension to monetary aggregation under risk. The extension of index number theory to the case of risk is completely general, and can be applied to tracking any exact economic aggregator underrisk. In all cases, the criterion used for evaluation is the tracking ability of the approximation to the exact aggregator function of economic theory.Many of the empirical and policy puzzles in monetary economics disappear when simple sum monetary aggregates are replaced by index numbers that are coherent with theory. Simple sum monetary aggregates became incoherent with theory, when monetary assets began paying interestand therefore could no longer be viewed as perfect substitutes. This is a useful tool to those associated with economics departments within universities, business schools, central banks and federal governments, financial institutions including underwriters, bankers and stockbrokers.
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650 0 $a Money supply. $3 238748
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700 1 $a Barnett, William A. $3 183893
700 1 $a Serletis, Apostolos. $3 238746
830 0 $a Contributions to economic analysis ; $v v. 210. $3 532690
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