In recent years, there has been renewed interest in index number
and aggregation theory, since the two previously divergent fields
have been successfully unified. The underlying aggregator functions
which are weakly separable subfunctions of utility and production
functions, are the building blocks of economic theory, and the
derivation of index numbers based upon their ability to track those
building blocks is now called the "economic theory of index
numbers."
William Barnett, the coeditor of this volume, introduced modern
economic index number theory into monetary economics. His merger of
economic index number theory, with monetary theory was based upon
the use of Diewert's approach to producing "superlative"
nonparametric approximations to the theoretically exact aggregator
functions. This book comprises a focussed and unified collection of
Barnett's most important publications in this area.
The papers in the book have been organized into logical sections,
with unifying introductions and overviews. The result is a
systematic development of the state of the art in monetary and
financial aggregation theory. The sections cover the origin of the
user cost price of monetary services. Exact aggregation of monetary
assets on the demand side for consumers and firms, and on the
supply side for financial intermediaries, general equilibrium of
all economic agents' demands and supplies, dynamic solution of the
exact system, and extension to monetary aggregation under risk. The
extension of index number theory to the case of risk is completely
general, and can be applied to tracking any exact economic
aggregator under risk. In all cases, the criterion used for
evaluation isthe tracking ability of the approximation to the exact
aggregator function of economic theory.
Many of the empirical and policy puzzles in monetary economics
disappear when simple sum monetary aggregates are replaced by index
numbers that are coherent with theory. Simple sum monetary
aggregates became incoherent with theory, when monetary assets
began paying interest and therefore could no longer be viewed as
perfect substitutes.
This is a useful tool to those associated with economics
departments within universities, business schools, central banks
and federal governments, financial institutions including
underwriters, bankers and stockbrokers.
General
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