Abstract:

Background: at present, in the period of economic turmoil and price increases, there is a significant differentiation in both the pace and size of price changes for individual categories of goods and services. This phenomenon has a short- and medium-term effect and can be most easily quantified using the inflation elasticity of prices. Therefore, determining consumer goods that have different inflation elasticity allows identifying the possibility for economic agents to use time arbitrage. This, may turn out to be a statistically significant factor determining the composition of the vector of financial assets in the extended consumption function. Research purpose: the aim of the study is to investigate the impact of uneven price changes on the preferences of economic agents in terms of allocation of financial assets. On the other hand, an attempt to take into account quantitative changes in the vector of financial assets will allow for a more accurate calculation of the aggregates of traditional Divisia indices used as an important indicator in monetary policy. Methods: a hypothetical-deductive approach is used to demonstrate that during a period of general price increases, there is a significant variation in both the rate and magnitude of price changes for different categories of goods and services. These disparities have a direct impact on the consumer and financial preferences of economic agents. This affects, inter alia, on decisions related to the allocation of financial assets. In order to test the formulated deductive findings, the method of a simulation interview of two groups of respondents with subsequent processing with statistical methods was used. Conclusions: the research shows that it is advisable to take into account the factor influencing the preferred choice of monetary assets by economic agents and that is based on reasoning other than the expected yield.  This factor can be taken into account in monetary statistics when calculating Divisia indices Div1–Div3, which provide an alternative to М1–М3 monetary aggregates. Specifically, it is proposed to adjust the calculation method of Divisia indices by calculating weights of monetary aggregate components based on the differentiated elasticity of prices in response to the overall change in prices.