Weighted Monetary Aggregates: An Empirical Approach

Francisco Alonso, Jorge Martínez Pagés and María Pérez Jurado

Working Papers from Banco de España

Abstract: This paper falls under the literature on weighted monetary aggregates that seeks to relax the assumption of perfect substitutability of assets implicit in the use of traditional monetary aggregates. Specifically, using the methodology recently proposed by Feldstein and Stock, an estimation is made of those weights which, when applied to the broad aggregate components result in liquidity growth that is a stable leading indicator of nominal expenditure.

Keywords: MONEY; MONETARY POLICY; CURRENCIES; LIQUIDITY (search for similar items in EconPapers)
JEL-codes: E40 E50 E51 E59 (search for similar items in EconPapers)
Pages: 34 pages
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:9611

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