Financial Aggregation and Index Number Theory by William A Barnett

By William A Barnett

The ebook surveys glossy literature on monetary aggregation and index quantity concept, with particular emphasis at the contributions of the book's coauthors. as well as an creation and a scientific survey bankruptcy unifying the remainder of the publication, this book comprises reprints of six released articles vital to the survey bankruptcy. monetary Aggregation and Index quantity idea offers a reference paintings for monetary facts researchers and clients of principal financial institution information, putting emphasis on attainable advancements in such info from use of the microeconomic index quantity and aggregation idea.

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A2. William Barnett, Forbes, Sept 26, 1983.

5 Month Fig. 14. Monetary growth rates, dashed line = Divisia, solid line = simple sum, 1970– 1996, from St. Louis Federal Reserve’s Database. FA January 18, 2011 15:5 9in x 6in b963-ch01 International Financial Aggregation and Index Number Theory FA 31 and money market deposit accounts. There was no spike in the Divisia monetary aggregate, represented by the dashed line. If indeed the huge surge in the money supply had happened, then inflation would surely have followed, unless money is extremely non-neutral, a view held by very few economists.

0 1980 1981 1982 Fig. 13. Seasonally adjusted annual M3 Growth Rates. Solid line = Divisia, dashed line = simple sum. The last three observations to the right of the vertical line are post sample period. Table 1. Mean Growth Rates During the Period. 0 As Table 1 summarizes, the simple sum aggregate growth rates were at the intended levels, but the Divisia growth rates were half as large, producing an unintended negative shock of substantially greater magnitude than intended. When a recession occurred, that FA January 18, 2011 15:5 9in x 6in b963-ch01 International Financial Aggregation and Index Number Theory FA 29 unintended consequence was an embarrassment to monetarists, who subsequently denied that a monetarist policy actually had been in effect.

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