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Multilateral Divisia Monetary Aggregates for the Euro Area

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

No 202108, WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS from University of Kansas, Department of Economics

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 to produce a theoretically consistent measure of monetary services for the Euro area monetary union. Based on theory developed in Barnett (2007), the multilateral Divisia monetary aggregates for 17 Euro area countries are 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: C43 C82 E51 F33 (search for similar items in EconPapers)
Date: 2021-01, Revised 2021-01
New Economics Papers: this item is included in nep-mac
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