Nonparametric demand analysis is utilized to establish weakly separable subsets of monetary assets for the U.K. personal sector in the context of a utility function consisting of durable and nondurable consumption goods, services, leisure, and monetary assets. The admissible collections of...

This study shows how to construct monetary aggregates using a procedure to adjust the simple-sum, Divisia and empirical monetary aggregates to be consistent with weak separability. The corresponding adjusted monetary aggregates have considerable leading indicator information and provide the most...