Divisia monetary aggregates (DMA) are weighted monetary aggregates. The growth rate of the DMA is a weighted average of the growth rates of the quantities of component assets. Weights are "expenditure shares" based on the products of the user costs of the component assets ("prices")-mainly interest foregone by holding the monetary asset rather than a "benchmark" non-monetary asset-and the aforementioned quantities of these assets. The DMAs are consistent with the economic theory of aggregation for flow data, unlike conventional sum aggregates. The Background Note listed below provides detailed information on the construction of these data for Israel. Further information on the theory of monetary aggregation, including formulas for calculating the indices, and on international data is available on the website of the Center for Financial Stability, www.centerforfinancialstability.org, in the folder on Advanced Monetary and Financial Measurement.
The Excel files listed below provide data for Israel on the DMAs and associated user cost indices.