The New Monetary Aggregates: Comment

Abstract

In a recent paper published in this journal, Berkman [10] disputed the usefulness of the new (chained Tornquist-Theil) Divisia quantity indexes of the economy's flow of monetary services, which just have begun to become available within the Federal Reserve System.l While a few of his comments have some merit, his criticisms are largely based upon a faulty understanding of aggregation theory, and he thereby fails to see the forest for the trees.

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