Franklin

Long-Run Money Demand in Large Industrial Countries [electronic resource]

Author/Creator:
International Monetary Fund
Publication:
Washington, D.C. : International Monetary Fund, 1990.
Series:
IMF eLibrary
IMF Working Papers
Format/Description:
Government document
Book
1 online resource (34 p.)
Local subjects:
Aggregate demand. (search)
Aggregate demand function. (search)
Autocorrelation. (search)
Central bank. (search)
Cointegration. (search)
Constant term. (search)
Correlation. (search)
Demand for money. (search)
Dummy variable. (search)
Econometrics. (search)
Equation. (search)
Equations. (search)
Estimation period. (search)
Functional forms. (search)
Inflation. (search)
Linear trend. (search)
Logarithms. (search)
Long-term interest rates. (search)
Maximum likelihood estimation. (search)
Monetary economics. (search)
Monetary fund. (search)
Monetary growth. (search)
Monetary policies. (search)
Monetary policy. (search)
Monetary targeting. (search)
Money balances. (search)
Money demand. (search)
Money stock. (search)
Money supply. (search)
Normal distribution. (search)
Number of regressors. (search)
Number of variables. (search)
Predictions. (search)
Samples. (search)
Significance level. (search)
Significance levels. (search)
Skewness. (search)
Standard deviation. (search)
Standard error. (search)
Standard errors. (search)
Statistic. (search)
Statistical analysis. (search)
Statistics. (search)
Survey. (search)
Time series. (search)
Grenada. (search)
United Kingdom. (search)
United States. (search)
Summary:
The reputation of the aggregate demand function for money balances has plummeted since the mid-1970s, owing to the destabilizing effects of financial innovation and deregulation. There is, nonetheless, a renewed effort among economists to uncover stable relationships, a revival that reflects in part the development of new econometric approaches, especially those related to cointegration and error correction models. This paper examines the long-run properties of money demand functions in the large industrial countries, under the hypothesis that the long-run functions have been stable but that the dynamic adjustment processes are more complex than those represented in most earlier models. The results do broadly support this hypothesis, but for certain aggregates they also call into question some basic hypotheses about the nature of the demand function, including notably that of homogeneity with respect to the price level.
Notes:
Description based on print version record.
Contributor:
International Monetary Fund
Other format:
Print Version:
ISBN:
1451969872:
9781451969870
ISSN:
1018-5941
Publisher Number:
10.5089/9781451969870.001
Access Restriction:
Restricted for use by site license.
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