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Bounding an Economic Monetary Aggregate under Nonhomothetic Preferences

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  • Swofford, James L
  • Whitney, Gerald A

Abstract

We construct nonparametric bounds on true-quantity indexes for the realistic case of nonhomothetic preferences. These bounds do not require assumptions about the form of the underlying aggregator function. We construct these bounds using monetary assets that meet necessary conditions for the existence of an aggregate. We find that a Tornqvist index of these monetary assets falls within the nonparametric bounds on true-quantity indexes almost all of the time, whereas a simple sum of these monetary assets falls outside these bounds more than one-third of the time.

Suggested Citation

  • Swofford, James L & Whitney, Gerald A, 1990. "Bounding an Economic Monetary Aggregate under Nonhomothetic Preferences," Journal of Business & Economic Statistics, American Statistical Association, vol. 8(1), pages 137-141, January.
    • Handle: RePEc:bes:jnlbes:v:8:y:1990:i:1:p:137-41
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    Cited by:

    1. Swofford, James L., 2008. "Tests of microeconomic foundations of Asian common currency areas," Journal of Asian Economics, Elsevier, vol. 19(3), pages 254-258, June.
    2. Al-Sharkas, A.A. & Lozi, B.M., 2009. "Effects of Measurement on Inferences: An Application to Money Demand and Related Variables in the United States," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 9(1).

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