Monetary Aggregation: A Reconciliation of Theory and Central Bank Practice

IMF Working Papers, October 1, 1994

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Canonical URL: Monetary Aggregation: A Reconciliation of Theory and Central Bank Practice

Working Paper designed to make IMF staff research available to a wide audience.
Series output: Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Subjects: Bank credit, Banking, Commercial banks, Consumption, Demand for money, Financial institutions, Monetary aggregates, Money, National accounts
Keywords: advantages Divisia, asset holder, Bank credit, Commercial banks, Consumption, Demand for money, Divisia measure, Monetary aggregates, money holding, Tornquist-Theil Divisia index, transactions model, transactions service, utility function, weighting scheme, WP

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Citation example provided (Format: Chicago): Mahmood Pradhan, and Huw Pill. "Monetary Aggregation: A Reconciliation of Theory and Central Bank Practice", IMF Working Papers 1994, 118 (1994), accessed 9/17/2026, https://doi.org/10.5089/9781451940756.001

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