Demand for Divisia Money in a Core Monetary Union

Principal Investigator(s): Wesche, Katrin, Institut fuer Internationale Wirtschaftspolitik, Universitaet Bonn

Summary: Proponents of an aggregation-theoretic approach to money demand argue that simple-sum measures do not capture the theoretical notion of money, especially for broad monetary aggregates. European monetary aggregation, which uses indices for monetary services, seems attractive because these indices can account for the imperfect substitutability between different currencies. This research applies the aggregation-theoretic framework to money holdings of European residents and compares the resu... (more info)

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Wesche, Katrin. Demand for Divisia Money in a Core Monetary Union. ICPSR01179-v1. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 1998-10-06. doi:10.3886/ICPSR01179.v1

Persistent URL: http://dx.doi.org/10.3886/ICPSR01179.v1

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Summary: Proponents of an aggregation-theoretic approach to money demand argue that simple-sum measures do not capture the theoretical notion of money, especially for broad monetary aggregates. European monetary aggregation, which uses indices for monetary services, seems attractive because these indices can account for the imperfect substitutability between different currencies. This research applies the aggregation-theoretic framework to money holdings of European residents and compares the resulting index to simple-sum M3. The conclusion is that the Divisia index of European monetary services may provide additional insight into money demand during the period of transition to monetary union.

Subject Terms: currencies, economic integration, monetary policy, money

Geographic Coverage: Europe

Data Collection Notes:

(1) The file submitted, SO97DP.KW, gives the contact information for the data and programs used in this article. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

Original ICPSR Release: 1998-10-06

1997

Wesche, Katrin . The demand for Divisia money in a core monetary union. Federal Reserve Bank of St. Louis Review. 79, (5), 51-60.

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