The stability of long-run money demand in the United States: A new approach
AbstractIn this paper, we search for cointegration relation and determine the location of the changes in the long-run money demand in the US. We use the same data set as the previous studies and find that there are two regime changes.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 111 (2011)
Issue (Month): 1 (April)
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Web page: http://www.elsevier.com/locate/ecolet
Money demand Cointegration Structural change Structural instability Johansen's tests;
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