Divisia Monetary Aggregates: Would They Be More Palatable than the Traditional Simple-Sum Stews?
指出传统简单加总法衡量货币服务流效率低，而Divisia指数通过资产租金价格更精确度量边际交易媒介性，为央行和学者提供更优的货币总量测度方法。
The traditional simple-sum approach to monetary aggregation inefficiently measures the total flow of medium-of-exchange (MOE) services in the economy. The traditional approach is inefficient because it treats financial assets dichotomously-either totally including or totally excluding assets from the aggregate being constructed. Divisia aggregates provide, at least on the theoretical level, a more efficient approach. Through the rental prices of financial assets, Divisia aggregates possess a MOE thermometer-a thermometer that can register an infinite number of degrees in the MOEness provided, at the margin, by financial assets. By taking better account of the many different degrees of marginal MOEness across various assets, Divisia aggregates could provide a more precise measure of the total flow of MOE services in the economy.