A Divisia Measure of the Money Supply for Mexico
首次为墨西哥构建Divisia货币测度，发现以Divisia M4作为货币政策指标的结构VAR模型，在产出和价格响应上优于短期利率指标，且无需引入商品价格或实际汇率即可解决价格谜题。
Abstract We produce the first measure of Divisia money for Mexico. Various structural VAR identifications with Divisia M4 as an indicator of monetary policy yield responses of production and prices that are in every case at least as sensible as—and generally offer an improvement over—their counterpart specifications with a short‐term offer rate as the indicator. Importantly, we find that our Divisia specifications do not require expanding the model's information set with commodity prices or the real exchange rate for a resolution of the price puzzle. We reach similar conclusions for Mexico to those Keating et al. (2019) arrive at for the U.S. economy.