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- W1497618028 abstract "The paper by Barnett continues his recent attack on the conceptual shortcomings of current methods of constructing monetary aggregates. The paper summarizes material from a number of his previous papersS provides an overview of the extensive program of research that Barnett has undertaken, and carries that program one step further. Given the substantial volume of technical research which lies behind the present paper, Barnett has provided us with a challenging paper to digest. Loosely speaking, the paper criticizes two aspects of current practice. One is the method by which various components of the alternative measures of the stock are selected for inclusion in these measures. The second is the method by which these various components are aggregated to an overall measure. On this latter point, of course, what is conventionally done is just to add up the components. Barnett terms this simple sum aggregation and likens it to forming a transportation aggregate by adding up subway trains and roller skates. Barnett reserves particular contempt for conventional broad-based monetary aggregates (e.g., M3 or L) for which he regards simple adding-up as especially inappropriate. Rather, he proposes appealing to first principles of aggregation theory in the construction of monetary measures. Before discussing this, however, it may help if I try and put the issue of aggregation in some perspective. Many economists, myself included, have questioned the usefulness and meaning of broad monetary aggregates. It is also possible to argue that any concept of money, even a relatively narrow one, is not really a vital ingredient of a macroeconomic model. Indeed, one could go further still and make the case that exclusive focus on some monetary aggregate is an inappropriate choice of a modeling strategy. Rather, one needs to recognize that money is but one financial asset amidst a broad spectrum. Given this view, which seems to me quite sensible, one should adopt a disaggregated approach to financial modeling in which demands and supplies for all types of financial assets are specified and numerous interest rates (asset prices) are simultaneously determined with the relevant quantities. Consistent with this approach, one might well want to disaggregate demands and supplies in another dimension, namely by separately treating households, firms, etc., in a way that allows one" @default.
- W1497618028 created "2016-06-24" @default.
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- W1497618028 date "1982-11-01" @default.
- W1497618028 modified "2023-09-24" @default.
- W1497618028 title "The Optimal Level of Monetary Aggregation: Comment" @default.
- W1497618028 doi "https://doi.org/10.2307/1991558" @default.
- W1497618028 hasPublicationYear "1982" @default.
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