Podcast 1 - Professor Joshua Hendrickson, University of Mississippi скачать в хорошем качестве

Podcast 1 - Professor Joshua Hendrickson, University of Mississippi

William A. Barnett and the Divisia Monetary Aggregates (DMA): A Transformational Contribution to Monetary Economics Among William Arnold Barnett’s seminal contributions to economic thought, his development of Divisia Monetary Aggregates (DMA) stands out as a foundational innovation in the theory of money and monetary measurement. This line of work integrates microeconomic theory, index number theory, and aggregation theory—elements absent in traditional simple-sum monetary aggregates. His pioneering papers on the topic were published in: "The User Cost of Money" Economics Letters, 1(2), 1978, pp. 145–149 https://www.sciencedirect.com/science... "Economic Monetary Aggregates: An Application of Index Number and Aggregation Theory" Journal of Econometrics, 14(1), 1980, pp. 11–48 https://www.sciencedirect.com/science... "The New Divisia Monetary Aggregates" Journal of Political Economy, Vol. 92, No. 6, 1984, pp. 1049–1085 https://kuscholarworks.ku.edu/server/... "Consumer Theory and the Demand for Money" Journal of Economic Literature, Vol. 30, No. 4 (Dec., 1992), pp. 2086-2119 (34 pages) https://www.researchgate.net/profile/... ---------- William Arnold Barnett, Charles W. Oswald Distinguished Professor of Macroeconomics https://centerforfinancialstability.o... https://distinguishedprofessors.ku.ed... Podcast: Macro Musings: https://www.mercatus.org/macro-musing... Barnett Critique: https://www.mdpi.com/2673-8392/1/3/73 ---------- What Makes DMA Unique? Unlike the simple-sum method, DMA accounts for: 1. The monetary assets included in the aggregate, and 2. The user-cost weights assigned to each, reflecting their opportunity cost. This method corrects the conceptual errors in traditional measures, which treat all monetary components as perfect substitutes—a notion inconsistent with microeconomic theory. William Barnett’s 2012 book, "Getting It Wrong: How Faulty Monetary Statistics Undermine the Fed, the Financial System, and the Economy", offers a powerful critique of conventional monetary measurement. It delves into the root causes of the Global Financial Crisis (GFC), arguing that the persistent reliance on flawed simple-sum monetary aggregates played a significant role in obscuring systemic risks and undermining effective policy responses. Amazon: https://www.amazon.com/Getting-Wrong-... MIT Press: https://mitpress.mit.edu/978026251688... ---------- Professor Joshua Robert Hendrickson: https://www.mercatus.org/scholars/jos... "Redundancy Or Mismeasurement? A Reappraisal Of Money", Macroeconomic Dynamics, 18(7), 1437-1465. https://www.cambridge.org/core/journa... Substack: Economic Forces: https://www.economicforces.xyz/ ---------- Center for Financial Stability: https://centerforfinancialstability.org/ Data on DMA USA: https://centerforfinancialstability.o... Other countries: https://centerforfinancialstability.o... ---------- 1. Why does the central banks just look at the interest rates as a tool for monetary policy? Where did this line of thinking originate from? 2. Has the evolution of business cycle approaches contributed to the understanding of the economic fluctuations over the last fifty years. 3. The contribution of Barnett to the understanding of business cycles is brought to the picture. The GFC has been a cause of mystery but, as the book shows, that it actually is not a mystery. 4. The issue of puzzles in empirical monetary economics literature. What were some of the puzzles that existed in the empirical literature. 5. Implications of DMA in an EMEs . 📌 Connect with Me: ---------- Webpage: https://manharsingh.net/ Contact Me: https://manharsingh.net/contact/ Fellow @ Tando Institute: https://tando.org/fellow-directory/ma... Tando Institute: https://tando.org LinkedIn:   / manhar-singh   Dialogue With Manhar:   / dialogue-with-manhar   Academy for Data Sciences:   / academy-for-data-sciences   Twitter/X: https://x.com/Singh_Manhar1 #Macroeconomics #BusinessCycles #Money #DivisiaMonetaryAggregates #BarnettCritique