Identification and Estimation of Money Demand.
The consensus account of the theory of the demand for money has changed little in the last forty years. In contemporary formulations, just as in Keynes's general theory, the demand for real money is assumed to depend negatively on a short-term interest rate, representing a proxy for the opportunity...
| Publicado en: | American Economic Review Vol. 71; no. 5; pp. 825 - 845 |
|---|---|
| Autores principales: | , |
| Formato: | Artículo |
| Publicado: |
American Economic Association
Dec81
|
| Materias: | |
| 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=4507846&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4507846 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00028282 AER jtl: American Economic Review issn: 00028282 maglogo: N pubinfo: dt: Dec81 vid: 71 iid: 5 pid: 22 pub: American Economic Association artinfo: ui: 4507846 ppf: 825 ppct: 20 formats: tig: atl: Identification and Estimation of Money Demand. aug: au: Cooley, Thomas F. LeRoy, Stephen F. affil: University of California, Santa Barbara.\ su: Demand for money Elasticity (Economics) Keynesian economics Economic policy Rational expectations (Economic theory) Interest rates Macroeconomics Extreme value theory Gross national product Quantity theory of money Money supply sug: subj: Demand for money Elasticity (Economics) Keynesian economics Economic policy Rational expectations (Economic theory) Interest rates Macroeconomics Extreme value theory Gross national product Quantity theory of money Money supply ab: The consensus account of the theory of the demand for money has changed little in the last forty years. In contemporary formulations, just as in Keynes's general theory, the demand for real money is assumed to depend negatively on a short-term interest rate, representing a proxy for the opportunity cost of holding money, and positively on a transactions measure such as real gross national product. The absence of fundamental development in the theory of money demand is at least partly due to the fact that empirical studies have for the most part reported exceptional success in testing and otherwise implementing the received theory, implying no need for reexamination the model. At least until the recent missing money episode, most studies have concluded that the money demand equation is stable, that the estimated coefficient of correlation is very high, that the estimated regression coefficients have the indicated signs and approximately the magnitudes expected from theory, and that sampling error in coefficient estimation is acceptably small. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1981 holdings: @attributes: islocal: N |
|---|