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Multilateral Divisia monetary aggregates for the Euro area

Author

Listed:
  • Neepa Gaekwad

    (State University of New York at Fredonia)

  • William Barnett

    (University of Kansas)

Abstract

In light of the "two-pillar strategy" of the European Central Bank, good measures of aggregated money across countries in the Euro area are policy relevant. The objective of this paper is to focus on the multilateral Divisia monetary aggregates for the Euro area. Based on theory developed in Barnett (2007), this paper produced the multilateral Divisia monetary aggregates for the economic union of all the 19 Euro area countries, EMU-19, (and the Divisia monetary aggregates for the individual 19 Euro area countries), which is a theoretically consistent measure of monetary services for the Euro area monetary union. The multilateral Divisia monetary aggregate indices for EMU-19 is found to provide a better signal of recession, when compared to the corresponding simple sum monetary aggregates.

Suggested Citation

  • Neepa Gaekwad & William Barnett, 2024. "Multilateral Divisia monetary aggregates for the Euro area," Economics Bulletin, AccessEcon, vol. 44(3), pages 1224-1241.
    • Handle: RePEc:ebl:ecbull:eb-23-00096
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    More about this item

    Keywords

    Divisia Index; European Union; European Monetary Union; Monetary aggregation;
    All these keywords.

    JEL classification:

    • C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

    Statistics

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