An Admissible Monetary Aggregate for the United Kingdom
基于经济与指数理论构建货币总量，发现批发存款不应纳入英国广义货币，而通过弱可分性检验的资产用Divisia加权后与名义GDP增长更相关且货币需求函数稳定。
This paper evaluates the performance of a monetary aggregate that is constructed from principles of economic and index number theory. Results from tests for weak separability indicate that wholesale deposits should not be aggregated with other U.K. financial assets; they currently are included, however, in broad monetary aggregates published by the Bank of England. Financial asset groupings passing the weak separability tests then were aggregated using both simple-sum and Divisia weights. In each case, the Divisia aggregates were more closely related to the growth of nominal GDP and had stable demand for money functions. Copyright 1991 by MIT Press. (This abstract was borrowed from another version of this item.)