Measurement Matters: Recent Results from Monetary Economics Reexamined
通过复制五项近期研究，发现使用简单加总货币指标与迪维西亚指数会导致截然不同的结论，其中四项研究的定性推断被逆转，表明货币度量方式的选择对推断货币对经济活动的影响至关重要。
Inferences about the effects of money on economic activity may depend importantly on the choice of a monetary index because simple-sum aggregates cannot internalize pure substitution effects. This hypothesis is investigated by replicating five recent studies that have challenged an aspect of the 'conventional wisdom' about the effects of money on aggregate activity. In four of the five cases, the qualitative inference in the original study is reversed when a simple-sum monetary aggregate is replaced by a Divisia index of the same asset collection. The results are mixed in the fifth case. Copyright 1996 by University of Chicago Press.