Arbeitspapier

The long-run demand for M2 reconsidered

This paper reconsiders the long-run demand for M2 based on a newly constructed dataset featuring 32 countries since the first half of the 19th century. The evidence from cointegration tests suggests that a long-run equilibrium relationship for M2 demand is hardly present. Specifically, only forfive countries (Finland, Korea, Mexico, Paraguay and Taiwan) cointegration tests produce strong evidence in favor of a stable long-run money demand. Evidence for Israel and Lebanon is weaker, but still points towards a stable long-run demand for M2. For all other countries evidence speaks against a stable money demand or it is mixed across money demand specifications and/or type of cointegration test.

Sprache
Englisch

Erschienen in
Series: Discussion Papers ; No. 18-24

Klassifikation
Wirtschaft
Demand for Money
Thema
Money Demand
Velocity
Cointegration

Ereignis
Geistige Schöpfung
(wer)
Altermatt, Sophie
Ereignis
Veröffentlichung
(wer)
University of Bern, Department of Economics
(wo)
Bern
(wann)
2018

Handle
Letzte Aktualisierung
10.03.2025, 11:41 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Altermatt, Sophie
  • University of Bern, Department of Economics

Entstanden

  • 2018

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