The Money Demand Function In The Us
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The Money Demand Function In The Us
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Author : Woon Gyu Choi
language : en
Publisher:
Release Date : 1997
The Money Demand Function In The Us written by Woon Gyu Choi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Demand for money categories.
Money Demand In The United States
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1988-09-14
Money Demand In The United States written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-09-14 with Business & Economics categories.
This 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.
Long Run Income And Interest Elasticities Of Money Demand In The United States
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Author : Dennis Hoffman
language : en
Publisher:
Release Date : 1989
Long Run Income And Interest Elasticities Of Money Demand In The United States written by Dennis Hoffman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Demand for money categories.
This 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.
Current Issues In Monetary Policy In The United States And Japan
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Author : Elias C. Grivoyannis
language : en
Publisher: Praeger
Release Date : 1991-02-28
Current Issues In Monetary Policy In The United States And Japan written by Elias C. Grivoyannis and has been published by Praeger this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-02-28 with Business & Economics categories.
This 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.
Survey Of Literature On Demand For Money
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Author : Mr.Subramanian S. Sriram
language : en
Publisher: International Monetary Fund
Release Date : 1999-05-01
Survey Of Literature On Demand For Money written by Mr.Subramanian S. Sriram and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-05-01 with Business & Economics categories.
A 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.
Money Demand And Monetary Policy
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Author : Douglas Fisher
language : en
Publisher:
Release Date : 1989
Money Demand And Monetary Policy written by Douglas Fisher and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Demand for money categories.
Money As Indicator For The Natural Rate Of Interest
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Author : Mr.Helge Berger
language : en
Publisher: International Monetary Fund
Release Date : 2012-01-01
Money As Indicator For The Natural Rate Of Interest written by Mr.Helge Berger and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
The natural interest rate is of great relevance to central banks, but it is difficult to measure. We show that in a standard microfounded monetary model, the natural interest rate co-moves with a transformation of the money demand that can be computed from actual data. The co-movement is of a considerable magnitude and independent of monetary policy. An optimizing central bank that does not observe the natural interest rate can take advantage of this co-movement by incorporating the transformed money demand, in addition to the observed output gap and inflation, into a simple but optimal interest rate rule. Combining the transformed money demand and the observed output gap provides the best information about the natural interest rate.
Money Supply Money Demand And Macroeconomic Models
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Author : John T. Boorman
language : en
Publisher: Harlan Davidson
Release Date : 1972
Money Supply Money Demand And Macroeconomic Models written by John T. Boorman and has been published by Harlan Davidson this book supported file pdf, txt, epub, kindle and other format this book has been release on 1972 with Business & Economics categories.
Endogenous Money Supply And Money Demand
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Author : Woon Gyu Choi
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2000-11-01
Endogenous Money Supply And Money Demand written by Woon Gyu Choi and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-11-01 with Business & Economics categories.
This paper explores the behavior of money demand by explicitly accounting for the money supply endogeneity arising from endogenous monetary policy and financial innovations. Our theoretical analysis indicates that money supply factors matter in the money demand function when the money supply partially responds to money demand. Our empirical results with U.S. data provide strong evidence for the relevance of the policy stance to the demand for MI under a regime in which monetary policy is substantially endogenous. Specifically, we find that tighter monetary policy has substantial positive impacts on money demand under the recent Federal funds rate targeting.
The Demand For Money
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Author : Apostolos Serletis
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-11-21
The Demand For Money written by Apostolos Serletis and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-21 with Business & Economics categories.
Almost half a century has elapsed since the demand for money began to attract widespread attention from economists and econometricians, and it has been a topic of ongoing controversy and research ever since. Interest in the topic stemmed from three principal sources. First of all, there was the matter of the internal dynamics of macroeco nomics, to which Harry Johnson drew attention in his 1971 Ely Lecture on "The Keynesian Revolution and the Monetarist Counter-Revolution," American Economic Review 61 (May 1971). The main lesson about money that had been drawn from the so-called "Keynesian Revolution" was - rightly or wrongly - that it didn't matter all that much. The inherited wisdom that undergraduates absorbed in the 1950s was that macroeconomics was above all about the determination of income and employment, that the critical factors here were saving and investment decisions, and that monetary factors, to the extent that they mattered at all, only had an influence on these all important variables through a rather narrow range of market interest rates. Conventional wisdom never goes unchallenged in economics, except where its creators manage to control access to graduate schools and the journals, and it is with no cynical intent that I confirm Johnson's suggestion that those of us who embarked on academic careers in the '60s found in this wisdom a ready-made target.