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, 257-59

Abstract: This note shows that there is an error in the mathematical argument deployed by J. L. Ford, W. S. Peng, and A. W. Mullineux (1992). Once this is corrected, the author sees that, remarkably, the standard opportunity cost based weighting system remains appropriate even in the face of nonneutral technical change. Copyright 1998 by Blackwell Publishing Ltd

Date: 1998
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