LIQUIDITY FUNCTIONS FOR THE UNITED STATES MANUFACTURING CORPORATIONS.
The purpose of this paper is to investigate the stability of the demand functions for money and other financial assets held by the manufacturing corporate sector. Since this sector is an essential link in the transmission of monetary policy, an investigation of the stability over time of the basic p...
| Publicado en: | Southern Economic Journal Vol. 44; no. 2; pp. 271 - 277 |
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| Formato: | Artículo |
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Wiley-Blackwell
Oct77
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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=4634259&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4634259 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00384038 SEJ jtl: Southern Economic Journal issn: 00384038 maglogo: N pubinfo: dt: Oct77 vid: 44 iid: 2 pid: 480 pub: Wiley-Blackwell artinfo: ui: 4634259 10.2307/1057580 ppf: 271 ppct: 6 formats: tig: atl: LIQUIDITY FUNCTIONS FOR THE UNITED STATES MANUFACTURING CORPORATIONS. aug: au: Laumas, G.S. su: Liquidity (Economics) United States manufacturing industries Demand function United States sug: subj: United States Liquidity (Economics) United States manufacturing industries Demand function ab: The purpose of this paper is to investigate the stability of the demand functions for money and other financial assets held by the manufacturing corporate sector. Since this sector is an essential link in the transmission of monetary policy, an investigation of the stability over time of the basic parameters included in the liquidity functions of this sector is essential to an analysis of the effectiveness of the monetary policy. The investigation of the stability of the demand for money functions is undertaken using the recently developed varying parameter technique by Cooley and Prescott [3; 4; 5]. This technique is based on the premise that the parameter vector in an econometric relationship may be subject to sequential variation over time due to structural changes, specification errors, problems of aggregation, or institutional change. These factors may cause "transitory" or "permanent" shifts in the function. An econometric relationship is defined as stable if the parameters are not subject to permanent changes over time. In contrast to other estimation procedures for testing whether the parameters in a regression are constant over time, namely, the use of an F-test or dummy variables, the technique used in this paper has the advantage that it does not require any prior knowledge of the point in time when shifts in the parameters of the equation are suspected. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1977 holdings: @attributes: islocal: N |
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