The Stability of the Demand-for-Money Function in the United States 1901-1965.
The debate between the Keynesians and monetarists regarding the role of money in determining economic activity and the relative importance of monetary versus fiscal policy can be considered in the framework of the relative stability of the demand-for-money and expenditure functions. This paper test...
| Publicado en: | Journal of Political Economy Vol. 82; no. 6; pp. 1205 - 1220 |
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| Formato: | Artículo |
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University of Chicago Press
Nov/Dec74
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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=5054669&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 5054669 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00223808 JPE jtl: Journal of Political Economy issn: 00223808 maglogo: N pubinfo: dt: Nov/Dec74 vid: 82 iid: 6 pid: 415 pub: University of Chicago Press artinfo: ui: 5054669 10.1086/260272 ppf: 1205 ppct: 15 formats: tig: atl: The Stability of the Demand-for-Money Function in the United States 1901-1965. aug: au: Khan, Mohsin S. su: Keynesian economics Money sug: subj: Keynesian economics Money ab: The debate between the Keynesians and monetarists regarding the role of money in determining economic activity and the relative importance of monetary versus fiscal policy can be considered in the framework of the relative stability of the demand-for-money and expenditure functions. This paper tests for the structural stability of the demand-for-money function in the United States over the period 1901-65 utilizing a technique developed by R. L. Brown and J. Durbin. It is shown that the demand-for-money function does not appear to have shifted significantly during the period of study. In his well-known survey of monetary theory, Johnson (1962) listed three outstanding issues in the theory of the demand for money: (1) the relevant definition of the money aggregate; (2) the choice of variables explaining movements in this aggregate; and (3) the stability of the functional relationship between money and the explanatory variables. Most empirical studies on the demand for money have concentrated on the first two of these issues, and there are very few studies explicitly concerned with analyzing the question of whether the relationship is stable; the term "stability" is defined in this context in the statistical sense of the estimated coefficients of the explanatory variables remaining constant over time.[1]. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1974 holdings: @attributes: islocal: N |
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