inferences’ policy relevance, which is particularly dramatic at the broadest (M3) level of aggregation. Indeed, as Belongia (1996 …

sequentially produced one source of misunderstanding after another. The bad data produced by simple sum aggregation have … correctly on index number theory and aggregation theory, now exist, the usual official central bank data are not based on that … better approach. While aggregation-theoretic monetary aggregates exist for internal use at the European Central Bank, the …

aggregation have contaminated research in monetary economics, have resulted in needless “paradoxes,” and have produced decades of … aggregation theory, now exist, the official central bank data most commonly used have not improved in most parts of the world …. While aggregation theoretic monetary aggregates exist for internal use at the European Central Bank, the Bank of Japan, and …