## Monetary Aggregation: A Reconciliation of Theory and Central Bank Practice

_IMF Working Papers, October 1, 1994_

## Source details

**Canonical URL:** [Monetary Aggregation: A Reconciliation of Theory and Central Bank Practice](https://www.imf.org/en/publications/wp/issues/2016/12/30/monetary-aggregation-a-reconciliation-of-theory-and-central-bank-practice-1210)

## Other formats

- [Markdown version](/en/publications/wp/issues/2016/12/30/monetary-aggregation-a-reconciliation-of-theory-and-central-bank-practice-1210/index.md)
- [Structured JSON version](/en/publications/wp/issues/2016/12/30/monetary-aggregation-a-reconciliation-of-theory-and-central-bank-practice-1210/index.json)
- [Bundle manifest](/en/publications/wp/issues/2016/12/30/monetary-aggregation-a-reconciliation-of-theory-and-central-bank-practice-1210/bundle-manifest.json)

## Bibliographic details
- Authors: Mahmood Pradhan, Huw Pill
- Published: October 1, 1994
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451940756.001

---

### Overview and purpose
- 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 and keywords (research themes and technical terms)
- 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

### Distribution and formats
- Format note: More Formats on IMF eLibrary
- Options listed on page: Order a Print Copy; Create Citation; Share; Preview Citation; Copy
- 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

*Source: IMF Working Paper landing page for "Monetary Aggregation: A Reconciliation of Theory and Central Bank Practice".*

---


_Source: https://www.imf.org/en/publications/wp/issues/2016/12/30/monetary-aggregation-a-reconciliation-of-theory-and-central-bank-practice-1210_