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Reischle, J. Divisia-Geldmengenindizes. . Ein Vorschlag zur theoretisch korrekten Erfassung des Geldes?. Credit and Capital Markets – Kredit und Kapital, 30(3), 445-486. https://doi.org/10.3790/ccm.30.3.445
Reischle, Julian "Divisia-Geldmengenindizes. Ein Vorschlag zur theoretisch korrekten Erfassung des Geldes?. " Credit and Capital Markets – Kredit und Kapital 30.3, 1997, 445-486. https://doi.org/10.3790/ccm.30.3.445
Reischle, Julian (1997): Divisia-Geldmengenindizes, in: Credit and Capital Markets – Kredit und Kapital, vol. 30, iss. 3, 445-486, [online] https://doi.org/10.3790/ccm.30.3.445
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Divisia-Geldmengenindizes

Ein Vorschlag zur theoretisch korrekten Erfassung des Geldes?

Reischle, Julian

Credit and Capital Markets – Kredit und Kapital, Vol. 30 (1997), Iss. 3 : pp. 445–486

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Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.30.3.445
Language
Multiple languages
Pages
42

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Julian Reischle, Würzburg

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Abstract

Divisia Money Supply Index. A Proposal on Theoretically Correct Monetary Recording?

The present contribution analyses the proposal not to measure “money supply” by unweighted aggregate sums, but by a Divisia index. The two fundamentals of this proposal are the (microeconomic) aggregation theory and the statistical index-number theory. The aggregation theory-based considerations originate in assumptions about an economic actor’s optimisation behaviour, in the course of which “money” creates benefit for being eligible as a medium of exchange. Any benefitcreating aggregate must be consistent with the maximisation behaviour. The crucial condition for being classified as money is the poor separability of the monetary components. This can be verified with the help of both parametric and nonparametric tests. The aggregation function need not be specified for the mere reason that any discretionary function can be approximated by a group of especially appropriate (first-class) index numbers. The group of such first-class index numbers includes, inter alia, the divisia index (steady over time) and its discrete approximation (Törngvist-Theil-Index). Besides the criticism voiced about the microeconomic bases (e.g. about the model of a representative benefit-maximising economic actor or about direct monetary benefit), the main problem about the divisia approach is one of empirical implementation insofar as the price of the monetary components (user costs) is concerned. In practice, it has turned out to be difficult to make the necessary modification of the user costs ascertained on the basis of the observable market interest rates so that these can hardly be expected to correctly reflect the means-of-exchange characteristic of the monetary components and will thus lead to distorted weights in the divisia index.

Table of Contents

Section Title Page Action Price
Julian Reischle: Divisia-Geldmengenindizes. Ein Vorschlag zur theoretisch korrekten Erfassung des Geldes? 445
I. Zwei Wege zu einer Gelddefinition 445
II. Konsistente Aggregation 449
III. Einbeziehung der statistischen Indextheorie 460
IV. Kritische Würdigung des Divisia-Ansatzes 470
1. Zur Erfassung der „korrekten\" User-costs 470
2. Zur mikroökonomischen Stringenz und makroökonomischen Relevanz des Divisia-Ansatzes 474
V. Schlußbetrachtung 481
Literatur 482
Zusammenfassung: Divisia-Geldmengenindizes. Ein Vorschlag zur theoretisch korrekten Erfassung des Geldes? 486
Summary: Divisia Money Supply Index. A Proposal on Theoretically Correct Monetary Recording? 486
Résumé: Indice monétaire dit de Divisia ou «pondéré». Une proposition pour la détermination théorique correcte de la monnaie? 487

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