BARNETT, WILLIAM A; CHAE, UNJA; KEATING, JOHN W - In: Global Journal of Economics (GJE) 01 (2012) 01, pp. 1250005-1
We design a procedure for measuring the United States capital stock of money implied by the Divisia monetary aggregate service flow, in a manner consistent with the present-value model of economic capital stock. We permit non-martingale expectations and time varying discount rates. Based on...