Center for Financial Stability

Subscribe to CFS Updates

Advances in Monetary and
Financial Measurement (AMFM)

AMFM Home |  US Data |  Augmented |  International |  Library


Key articles and books surrounding the development of advances in monetary and financial measurement. This Library does not include data archives. International and US data archives, along with regular monthly updates, can be found within other sections of the AMFM site.

Library Catalog Interactive Search
You can filter the studies shown below by category, keyword, and/or author.
Studies within the International Research category can be filtered by country.

Show All
Important Books
Principal Research Articles:
Important Papers Highly Relevant to AMFM
Secondary Papers Highly Relevant to AMFM
Associated Methodology Articles:
Technical Papers Relevant to Use within Econometric Models
Technical Papers Relevant to Nonlinear Dynamic Modeling
International Research:
Papers Using or Producing International Divisia Monetary Aggregates

Secondary Papers Highly Relevant to AMFM
1982 The Optimal Level of Monetary Aggregation
William A. Barnett
This paper explores the theory and empirical evidence relevant to choosing the optimal level of monetary aggregation. When components are properly weighted in accordance with index number theory, the broadest level of aggregation captures the most information. Sadly the Federal Reserve, in correctly recognizing that improperly-weighted monetary aggregates deteriorate as the level of aggregation increases, terminated its two broad aggregates, M3 and L, rather than correcting the improperly-weighted simple-sum formula. The paper originally appeared in the Journal of Money, Credit, and Banking, vol 1, pp. 687-710 and has been reprinted in the book, Barnett and Serletis (2000), as chapter 7.

Studies Using or Producing International Divisia Monetary Aggregates