Economic monetary aggregates an application of index number and aggregation theory
About: This article is published in Journal of Econometrics.The article was published on 1980-09-01. It has received 610 citations till now. The article focuses on the topics: Divisia monetary aggregates index & Index (economics).
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27 Oct 1998
TL;DR: In this article, empirical evidence on money and output is presented, including the Tobin effect and the MIU approximation problems, and a general equilibrium framework for monetary analysis is presented.
Abstract: Part 1 Empirical evidence on money and output: introduction some basic correlations estimating the effect of money on output summary. Part 2 Money in a general equilibrium framework: introduction the Tobin effect money in the utility function summary appendix - the MIU approximation problems. Part 3 Money and transactions: introduction shopping-time models cash-in-advance models other approaches summary appendix - the CIA approximation problems. Part 4 Money and public finance: introduction bugdet accounting equilibrium seigniorage optimal taxation and seigniorage Friedman's rule revisited nonindexed tax systems problems. Part 5 Money and output in the short run: introduction flexible prices sticky prices and wages a framework for monetary analysis inflation persistence summary appendix problems. Part 6 Money and the open economy: introduction the Obstfeld-Rogoff two-country model policy coordination the small open economy summary appendix problems. Part 7 The credit channel of monetary policy: introduction imperfect information in credit markets macroeconomic implications does credit matter? summary. Part 8 Discretionary policy and time inconsistency: introduction inflation under discretionary policy solutions to the inflation bias is the inflation bias important? do central banking institutions matter? lessons and conclusions problems. Part 9 Monetary-policy operating procedures: introduction from instruments to goals the instrument-choice problem operating procedures and policy measures problems. Part 10 Interest rates and monetary policy: introduction interest-rate rule and the price level interest rate policies in general equilibrium models the term structure of interest rates a model for policy analysis summary problems.
2,049 citations
Cites background from "Economic monetary aggregates an app..."
...Barnett (1980) argued for the use of divisia indices of monetary aggregates....
[...]
01 May 1970
1,935 citations
TL;DR: In a monetary economy, it is in everyone's private interest to try to get someone else to hold non-interest-bearing cash and reserves as mentioned in this paper. But someone has to hold it all, so these efforts must simply cancel out.
Abstract: In a monetary economy, it is in everyone’s private interest to try to get someone else to hold non-interest-bearing cash and reserves. But someone has to hold it all, so these efforts must simply cancel out. All of us spend several hours per year in this effort, and employ thousands of talented and highly-trained people to help us. These person-hours are simply thrown away, wasted on a task that should not have to be performed at all.
806 citations
Book•
01 May 2003
TL;DR: Monetary Theory and Policy as discussed by the authors presents an advanced treatment of critical topics in monetary economics and the models economists use to investigate the interactions between real and monetary factors, including general equilibrium models of money, models of the short-run real effects of monetary policy, and game-theoretic approaches to monetary policy.
Abstract: Monetary Theory and Policy presents an advanced treatment of critical topics in monetary economics and the models economists use to investigate the interactions between real and monetary factors. It provides extensive coverage of general equilibrium models of money, models of the short-run real effects of monetary policy, and game-theoretic approaches to monetary policy. Among the topics covered are money-in-the-utility-function models, cash-in-advance models, money and public finance, the credit channel of money, models of time consistency, monetary policy operating procedures, and interest rates and monetary policy. The book uses dynamic simulations to evaluate quantitatively the significance of the channels through which monetary policy and inflation affect the economy. It extensively examines modern approaches to monetary policy that stress the incentives facing central banks and the strategic interactions between central banks and the private sector. Where most treatments of monetary policy emphasize money supply control and money demand, this book focuses on the implications of interest rate control for monetary policy. The book is designed for advanced graduate students in monetary economics, economic researchers, and economists working in policy institutions and central banks. This second edition includes new discussions of empirical evidence on the interest elasticity of money demand, the fiscal theory of the price level, the new Keynesian model, optimal policies in forward-looking models, stability and the Taylor principle, and open economy new Keynesian models. It also expands its coverage of multiple equilibria, the role of timing assumptions in cash-in-advance models, and the Ramsey approach to optimal monetary taxation. A new chapter treats policy analysis in new Keynesisan models; the discussion includes the derivation of the policy objective function, optimal commitment and discretionary outcome, targeting rules, and instrument rules.
537 citations
Cites background from "Economic monetary aggregates an app..."
...Barnett (1980) argued for the use of divisia indices of monetary aggregates....
[...]
Posted Content•
TL;DR: This working paper is the first draft of an overview and commentary on the papers to appear in a Macroeconomic Dynamics Special Issue on Measurement with Theory, which is part of a larger initiative to promote "measurement with theory" in economics.
Abstract: This paper is the introduction to the forthcoming Macroeconomic Dynamics Special Issue on Measurement with Theory. The Guest Editors of the special issue are William A. Barnett, W. Erwin Diewert, Shigeru Iwata, and Arnold Zellner. The authors of this detailed introduction and commentary are William A. Barnett, W. Erwin Diewert, and Arnold Zellner. The included papers are part of a larger initiative to promote measurement with theory in economics.
502 citations
References
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01 Jan 1971
TL;DR: General competitive analysis, General competitive analysis as mentioned in this paper, General Competitive Analysis (GCA), general competitive analysis (GCA), GCA, GCA(GCA), GCA
Abstract: General competitive analysis , General competitive analysis , کتابخانه دانشگاه امام صادق(ع)
2,341 citations
TL;DR: In this paper, the authors rationalize certain functional forms of index numbers with functional forms for the underlying aggregator function, and show that a certain family of index number formulae is exact for the "flexible" quadratic mean of order r aggregator functions.
2,273 citations
01 May 1970
1,935 citations