Money, Output, and Prices: Evidence From a New Monetary Aggregate
提出一种基于效用的新货币总量：货币等价物（CE），它衡量家庭从所有货币资产中获得的流动性服务所需的现金量，比简单加总指标（如M1、M2）更能预测产出变动。
This article derives a new utility-based monetary aggregate, the currency-equivalent (CE) aggregate. It equals the stock of currency that would be required for households to obtain the liquidity services that they get from their entire collection of monetary assets. This aggregate is derived from preferences assuming that these satisfy a separability assumption in addition to satisfying the requirements for Divisia aggregation. The resulting aggregate remains valid when asset characteristics change and equals the sum of individuals' CE holdings. It also predicts output movements better than simple-sum aggregates such as M1 and M2.