000			01487pab a2200169 454500
008			180718b2001 xxu||||| |||| 00| 0 eng d
100			_aAcharya, Debashish
245			_aSimple sum vs divisia monetary aggregates: an empirical evaluation
260			_c2001
300			_ap.317-26
362			_a27 Jan
520			_aThis paper seeks to establish the superiority of the Divisia monetary aggregates over their simple sum counterparts in India. The aggregates are constructed over weakly separable groups obtained from a non-parametrio test of separability considering four assets, viz, (i) currency with the public, (ii) net demand deposits with the banks, (iii) net time deposits with the banks and (iv) post office savings deposits. The analysis covers two different samples - one annual (1970-1996) and the other monthly (1985:04-1996:09). The comparative performance of the divisia aggregates in relation to the simple sum aggregates is evaluated with the help of three tests, viz, money demand stability, information content and Davidson-Mackinnon J-tests. The results of the study show that the Divisia aggregates have an edge over their simple sum counterparts. Further, the results of an extended analysis covering a new asset, viz, the certificate of deposit, also exhibit a similar trend for the monthly sample period: 1994:06-1996:07. - Reproduced
650			_aMonetary policy
700			_aKamaiah, Bandi
773			_aEconomic and Political Weekly
909			_a47691
999			_c47691 _d47691