Arbeitspapier
Short-run money demand
This paper estimates a long-run demand function for M1, using U.S. data for 1959-1993. The paper interprets deviations from this long-run relation with Goldfeld=s partial adjustment model. A key innovation is the choice of the interest rate in the money demand function. Most previous work uses a short-term market rate, but this paper uses the average return on near monies
- Language
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Englisch
- Bibliographic citation
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Series: Working Paper ; No. 481
- Classification
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Wirtschaft
- Subject
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close substitutes for M1 such as savings accounts and money market mutual funds. This approach yields a predicted path of M1 velocity that closely matches the data. The volatility of velocity after 1980 is explained by volatility in the returns on near monies.
Geldnachfrage
Monetäres Aggregat
Geldumlaufgeschwindigkeit
Schätzung
USA
- Event
-
Geistige Schöpfung
- (who)
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Ball, Laurence
- Event
-
Veröffentlichung
- (who)
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The Johns Hopkins University, Department of Economics
- (where)
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Baltimore, MD
- (when)
-
2002
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Ball, Laurence
- The Johns Hopkins University, Department of Economics
Time of origin
- 2002
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