Sweep Programs and Optimal Monetary Aggregation
This paper examines the admissibility of monetary aggregate groupings for the US over 1993-2001, based upon weak separability. We investigate the impact of retail and commercial demand deposit sweep programs on the separability of monetary asset groupings. Weak separability is tested Using the Swofford-Whitney and Fleissig-Whitney tests. We use Varian's measurement error adjustment procedure to el