This paper examines how money growth affects personal consumption using Divisia monetary aggregates. Using monthly U ….S. data from 2000 to 2023, we find that changes in Divisia M4 significantly predict personal consumption expenditure, with a … lag of three months. A 1% increase in Divisia M4 is associated with a 0.3% increase in consumption, controlling for …

requires being augmented with more information in standard VAR settings. A money growth rule characterization—with Divisia M4 …

developed and extended into a field of its own with solid foundations in microeconomic theory. Divisia monetary aggregates have … Singapore, this paper applies the user cost of money formula and the recently developed credit-card-augmented Divisia monetary … indexes from Jan 1991 to Mar 2021. We see that Divisia measures behave differently from simple sum measures in the period …

developed and extended into a field of its own with solid foundations in microeconomic theory. Divisia monetary aggregates have … Singapore, this paper applies the user cost of money formula and the recently developed credit-card-augmented Divisia monetary … indexes from Jan 1991 to Mar 2021. We see that Divisia measures behave differently from simple sum measures in the period …