The Money Demand Function in the US
Author: Woon Gyu Choi
Publisher:
Published: 1997
Total Pages: 52
ISBN-13:
DOWNLOAD EBOOKRead and Download eBook Full
Author: Woon Gyu Choi
Publisher:
Published: 1997
Total Pages: 52
ISBN-13:
DOWNLOAD EBOOKAuthor: Mr.Subramanian S. Sriram
Publisher: International Monetary Fund
Published: 1999-05-01
Total Pages: 78
ISBN-13: 1451848544
DOWNLOAD EBOOKA stable money demand forms the cornerstone in formulating and conducting monetary policy. Consequently, numerous theoretical and empirical studies have been conducted in both industrial and developing countries to evaluate the determinants and the stability of the money demand function. This paper briefly reviews the theoretical work, tracing the contributions of several researchers beginning from the classical economists, and explains relevant empirical issues in modeling and estimating money demand functions. Notably, it summarizes the salient features of a number of recent studies that applied cointegration/error-correction models in the 1990s, and it features a bibliography to aid in research on demand for money.
Author: Dennis L. Hoffman
Publisher:
Published: 1991
Total Pages: 46
ISBN-13:
DOWNLOAD EBOOKAuthor: International Monetary Fund
Publisher: International Monetary Fund
Published: 1988-09-14
Total Pages: 44
ISBN-13: 1451953607
DOWNLOAD EBOOKThis paper considers the demand for various monetary aggregates with a view to assessing their potential roles as intermediate variables for monetary policy. Illustrative estimates using a generalized autoregressive distributed lag model are presented. For M1, the results support an “error correction” model. However, the demand function for M1 may still be subject to shifts due to the continuing process of financial reform and innovation. The demand function for M1A resulting from the particular empirical strategy used in this paper is not well behaved. The estimated equation for M2 is well behaved and robust, though the use of M2 as an intermediate target variable is questionable due to an inability accurately to control it.
Author: Myung-Chang Chung
Publisher:
Published: 1985
Total Pages: 140
ISBN-13:
DOWNLOAD EBOOKAuthor: Douglas Fisher
Publisher: University of Michigan Press
Published: 1989
Total Pages: 254
ISBN-13: 9780472101696
DOWNLOAD EBOOKAn analysis of the literature dealing with the demand for money
Author: Dennis Hoffman
Publisher:
Published: 1989
Total Pages: 56
ISBN-13:
DOWNLOAD EBOOKThis study investigates the stability of long-run log-linear demand functions for narrowly defined monetary aggregates (M1, Monetary Base) in the U.S. during the post World War II period. The hypotheses that the individual time series which appear in such equations (real M1, real Monetary Base, real Personal Income and short-term and long-term nominal interest rates) all have unit roots cannot be rejected. The primary conclusion of this study is that with proper attention to the time series properties of the available data, there exists strong evidence in support of a stable equilibrium demand function for real balances in the post-World War II U.S. economy. The hypothesis of a unitary equilibrium real income elasticity (a velocity function) cannot be rejected. Further, the estimates of equilibrium interest elasticities are approximately -.5 to -.6 for real M1 and -.4 to -.5 for real monetary base. The estimated interest elasticities are significantly different statistically depending on whether long- term or short-term interest rates are used, but the observed differences in these estimates are not of economic significance.
Author: Nombulelo Gumata
Publisher: Springer Nature
Published: 2021-05-27
Total Pages: 556
ISBN-13: 303066340X
DOWNLOAD EBOOKThis book explores the macro-financial effects of central bank balance sheets, macro-prudential tools, and financial regulation in South Africa. How employment can be maximised while keeping inflation low and stable is examined in relation to the structural changes required to alter the composition of South African bank balance sheets. Quantitative methods and approaches are utilised to highlight the impact of suggested policies. This book aims to outline strategies and policy interventions that can help achieve the National Development Plan in South Africa. It will be of interest to researchers and policymakers working within development economics, African economics, development finance, and financial policy.
Author: John T. Boorman
Publisher: Harlan Davidson
Published: 1972
Total Pages: 540
ISBN-13:
DOWNLOAD EBOOKAuthor: Elias C. Grivoyannis
Publisher: Praeger
Published: 1991-02-28
Total Pages: 232
ISBN-13:
DOWNLOAD EBOOKThis study investigates the econometric properties of the demand for money function as it affects monetary policy. Particular emphasis is placed throughout on the general properties of conventional and alternative demand for money specifications and on the predictability of that demand over time. The author tests proposed explanations for the recent abnormal behavior of U.S. money demand by using a new data set--the Japanese data base--for the first time, offering important new insights into the general properties of money demand functions.