aggregation across countries over the heterogeneous representative agents, and we derive the resulting formulas for stochastic … aggregation over countries. Our theory permits monitoring the effects of policy at the aggregate level over the euro area, while …

misunderstanding after another. The bad data produced by simple sum aggregation have contaminated research in monetary economics, have … aggregation theory, now exist, the usual official central bank data are not based on that better approach. While aggregation … throughout the world, the only central banks that currently make aggregation-theoretic monetary aggregates available to the …

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

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 …