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This paper uses a highly disaggregated demand system to estimate the degree of substitutability among monetary assets and to address the issue of optimal monetary aggregation in the United States. We address the problems of dimensionality and nonlinearity, estimating a very detailed monetary asset demand system encompassing the full range of assets based on the locally flexible normalized quadratic expenditure function. We treat the concavity property as a maintained hypothesis and provide evidence consistent with neoclassical microeconomic theory. Statistical tests reject the appropriateness of the aggregation assumptions for all the money measures published by the Federal Reserve as well as for a large number of groupings suggested by earlier studies. This supports and reinforces Barnett's (2016) assertion that we should employ the broadest M4 monetary aggregate published by the Center for Financial Stability.JEL codes: C3, C13, C51

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A large administrative data set allows us to examine shelter use by single adults, youth, and families in Toronto. We find important differences in shelter use by single adults, youth, and families. We introduce an approach that allows us to identify a noticeable increase in the percentage of shelter clients whom we define as chronic users of the shelter system—people for whom each episode of shelter use is typically very long. This should be a concern because chronic users of the system, although they make up only a small fraction of all shelter clients, fill more than 40 percent of shelter capacity. A growing number of chronic shelter users will strain the ability of the shelter system to provide shelter to those seeking temporary relief while they re-establish themselves into housing. Homeless shelters are a response to a serious social problem. They are not the cause of nor are they the solution to that problem. Growing shelter use is an indication of a social order in trouble.