Agregação monetária com o índice de Divisia: aplicação ao caso brasileiro

Abstract

First we review the methodology involved in constructing monetary aggregates using Divisia weights. Divisia monetary aggregates (M2, M3 and M4) were then calculated with monthly data in the period jan.1980-dec.1992 and were found to have a better performance than the traditional monetary aggregates constructed with simple sum weights. This was so according to the following criteria: a) a closer relationship with the inflation rate; b) more stable monetary multipliers; and c) money velocity responding more properly to the changes in the interest rate.