Multilateral Divisia monetary aggregates for the Euro area

Neepa Gaekwad () and William Barnett
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Neepa Gaekwad: State University of New York at Fredonia

Economics Bulletin, 2024, vol. 44, issue 3, 1224 - 1241

Abstract: In light of the "two-pillar strategy" of the European Central Bank, good measures of aggregated money across countries in the Euro area are policy relevant. The objective of this paper is to focus on the multilateral Divisia monetary aggregates for the Euro area. Based on theory developed in Barnett (2007), this paper produced the multilateral Divisia monetary aggregates for the economic union of all the 19 Euro area countries, EMU-19, (and the Divisia monetary aggregates for the individual 19 Euro area countries), which is a theoretically consistent measure of monetary services for the Euro area monetary union. The multilateral Divisia monetary aggregate indices for EMU-19 is found to provide a better signal of recession, when compared to the corresponding simple sum monetary aggregates.

Keywords: Divisia Index; European Union; European Monetary Union; Monetary aggregation (search for similar items in EconPapers)
JEL-codes: C8 E5 (search for similar items in EconPapers)
Date: 2024-09-30
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http://www.accessecon.com/Pubs/EB/2024/Volume44/EB-24-V44-I3-P96.pdf (application/pdf)

Related works:
Working Paper: Multilateral Divisia Monetary Aggregates for the Euro Area (2024)
Working Paper: Multilateral Divisia Monetary Aggregates for the Euro Area (2021)
Working Paper: Multilateral Divisia monetary aggregates for the Euro Area (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:ebl:ecbull:eb-23-00096

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