【Abstract】The paper derives and compares the theoretical models of currency-equivalent and Divisia monetary aggregates in a new way. We show that currency-equivalent monetary aggregates are superior to Divisia monetary aggregates. Moreover， we compare the stability of demand functions of different monetary aggregates in the United States and China， through Pesaran (1998， 2001)’s methods of “bounds testing for level relationships” and “ARDL approach to cointegration”. We show that in both countries the demand functions of currency-equivalent monetary aggregates are more stable than those of Divisia and simple-sum monetary aggregates. Moreover， currency-equivalent monetary aggregates are more controllable than Divisia and simple-sum monetary aggregates in both countries.

（原文刊于《ROMANIAN JOURNAL OF ECONOMIC FORECASTING》2015，18（3））