The Demand for High-Powered Money.
The article throws light on the demand for high-powered money in the U.S. The empirical analysis is often circumscribed by lack of data on many of the variables theory suggests can affect the demand for money, such as the interest rates paid on various categories of deposits and the quality or "mone...
| Publicado en: | American Economic Review Vol. 66; no. 1; pp. 56 - 69 |
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| Autor principal: | |
| Formato: | Artículo |
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American Economic Association
Mar1976
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=4504634&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4504634 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00028282 AER jtl: American Economic Review issn: 00028282 maglogo: N pubinfo: dt: Mar1976 vid: 66 iid: 1 pid: 22 pub: American Economic Association artinfo: ui: 4504634 ppf: 56 ppct: 13 formats: tig: atl: The Demand for High-Powered Money. aug: au: Lothian, James R. affil: Economist, First National City Bank. su: Demand for money Money Demand function Interest rates Analysis of variance Bank deposits Money supply Regression analysis Economic demand Economic indicators sug: subj: Demand for money Money Demand function Interest rates Analysis of variance Bank deposits Money supply Regression analysis Economic demand Economic indicators ab: The article throws light on the demand for high-powered money in the U.S. The empirical analysis is often circumscribed by lack of data on many of the variables theory suggests can affect the demand for money, such as the interest rates paid on various categories of deposits and the quality or "moneyness" of those deposits. Under some circumstances the omission of these variables can have a serious effect on the stability of conventional deposit-inclusive definitions of money, causing them to be highly imperfect indicators of the effects of money on the overall economy. The solution that the author proposes in these situations is to return to a narrower definition of money, high-powered money alone. The rationale is that since high-powered money is of relatively constant quality over time and space, such specification errors are likely to be less important for high-powered money than for deposit-inclusive totals. The demand for high-powered money should be more stable than the demand for other monetary aggregates. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1976 holdings: @attributes: islocal: N |
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