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Financial Innovation and Divisia Monetary Aggregates: Comment on Ford, Peng, Mullineux (1992)
Author(s) -
Spencer Peter
Publication year - 1998
Publication title -
oxford bulletin of economics and statistics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.131
H-Index - 73
eISSN - 1468-0084
pISSN - 0305-9049
DOI - 10.1111/1468-0084.00098
Subject(s) - divisia index , weighting , argument (complex analysis) , economics , divisia monetary aggregates index , mathematical economics , face (sociological concept) , econometrics , keynesian economics , mathematics , statistics , philosophy , monetary policy , central bank , chemistry , physics , quantitative easing , biochemistry , linguistics , acoustics , energy (signal processing) , energy intensity
This note shows that there is an error in the mathematical argument deployed by Ford et al . (1992). Once this is corrected, we see that, remarkably, the standard opportunity cost based weighting system remains appropriate even in the face of non‐neutral technical change .