EconPapers    
Economics at your fingertips  
 

The Credit-Card-Services Augmented Divisia Monetary Aggregates

William Barnett (), Marcelle Chauvet, Danilo Leiva-Leon () and Liting Su
Additional contact information
Marcelle Chauvet: University of California at Riverside
Liting Su: Department of Economics, The University of Kansas;

No 201604, WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS from University of Kansas, Department of Economics

Abstract: While credit cards provide transactions services, credit cards have never been included in measures of the money supply. The reason is accounting conventions, which do not permit adding liabilities to assets. However, index number theory measures service flows and is based on aggregation theory, not accounting. We derive theory needed to measure the joint services of credit cards and money. We provide and evaluate two such aggregate measures having different objectives. We initially apply to NGDP nowcasting. Both aggregates are being implemented by the Center for Financial Stability, which will provide them to the public monthly, along with Bloomberg Terminals.

Keywords: Credit Cards; Money; Credit; Aggregation Theory; Index Number Theory; Divisia Index; Risk; Asset Pricing; Nowcasting; Indicators. (search for similar items in EconPapers)
JEL-codes: C43 C53 C58 E01 E3 E40 E41 E51 E52 E58 G17 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-acc and nep-mac
Date: 2016-08, Revised 2016-08
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed

Downloads: (external link)
http://www2.ku.edu/~kuwpaper/2016Papers/201604.pdf (application/pdf)

Related works:
Working Paper: The credit-card-services augmented Divisia monetary aggregates (2016) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:kan:wpaper:201604

Access Statistics for this paper

More papers in WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS from University of Kansas, Department of Economics Contact information at EDIRC.
Series data maintained by Jianbo Zhang ().

 
Page updated 2017-06-23
Handle: RePEc:kan:wpaper:201604