The Microeconomic Foundations of the Definition of Money

  • Apostolos Serletis


In the discussion to this point, we have used the word ‘money’ as though it were obvious what it means, but this is not the case. Currently, the common practice among central banks is to construct money measures from a list of possible components by simply adding together those that are considered to be the likely sources of monetary services. These are usually highly liquid financial assets, and the approach is referred to in the literature as that of simple-sum aggregation.


User Cost Monetary Aggregate Quantity Index Aggregator Function Aggregation Theory 
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Copyright information

© Springer Science+Business Media New York 2001

Authors and Affiliations

  • Apostolos Serletis
    • 1
  1. 1.University of CalgaryCanada

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