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

Michael Belongia

A chapter in Divisia Monetary Aggregates, 2000, pp 1-8 from Palgrave Macmillan

Abstract: Abstract With apologies to Mark Twain, reporting practices of modern central banks beg the expression, ‘Lies, damned lies, and monetary data.’ Although demonstrably wrong in their construction, simple-sum measures of the money stock continue to be the official data published by central banks and are used to guide policy decisions if monetary quantity variables are part of that process. Moreover, whether by tradition or ease of access, academic research also persists in using simple-sum monetary aggregates to test hypotheses about the effects of money on economic activity.

Keywords: Central Bank; Federal Reserve; Money Supply; User Cost; Monetary Aggregate (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28823-2_1

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DOI: 10.1057/9780230288232_1

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