Financial Innovation and Divisia Monetary Aggregates: Comment on Ford, Peng, Mullineux (1992)

Peter Spencer

Oxford Bulletin of Economics and Statistics, 1998, vol. 60, issue 2, 257-259

Abstract: This note shows that there is an error in the mathematical argument deployed by Ford et al. (1992). Once this is corrected, we see that, remarkably, the standard opportunity cost based weighting system remains appropriate even in the face of non‐neutral technical change.

Date: 1998
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