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The demand for M2, opportunity cost, and financial change

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Author Info

  • John B. Carlson
  • Sharon E. Parrott

Abstract

An analysis of the recent weakness in M2 growth that attempts to measure the opportunity cost of the aggregate more accurately and that explores the potential effects of the thrift industry restructuring on the adjustment of money demand to its long-run equilibrium level.

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File URL: http://www.clevelandfed.org/Research/Review/1991/91-q2-carlson.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Cleveland in its journal Economic Review.

Volume (Year): (1991)
Issue (Month): Q II ()
Pages: 2-11

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Handle: RePEc:fip:fedcer:y:1991:i:qii:p:2-11:n:v.27no.2

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Related research

Keywords: Money supply ; Savings and loan associations;

References

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  1. Kane, Edward J, 1978. "Getting Along without Regulation Q: Testing the Standard View of Deposit-Rate Competition during the "Wild-Card Experience."," Journal of Finance, American Finance Association, vol. 33(3), pages 921-32, June.
  2. Hendry, David F. & Ericsson, Neil R., 1991. "Modeling the demand for narrow money in the United Kingdom and the United States," European Economic Review, Elsevier, vol. 35(4), pages 833-881, May.
  3. Fred Furlong & Bharat Trehan, 1990. "Interpreting recent money growth," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue sep28.
  4. David H. Small & Richard D. Porter, 1989. "Understanding the behavior of M2 and V2," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Apr, pages 244-254.
  5. William Poole, 1987. "Monetary Policy Lessons of recent Inflation and Disinflation," NBER Working Papers 2300, National Bureau of Economic Research, Inc.
  6. Dennis Hoffman & Robert H. Rasche, 1989. "Long-run Income and Interest Elasticities of Money Demand in the United States," NBER Working Papers 2949, National Bureau of Economic Research, Inc.
  7. Stephen M. Goldfeld, 1973. "The Demand for Money Revisited," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 4(3), pages 577-646.
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Citations

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Cited by:
  1. Evan F. Koenig, 1996. "Forecasting M2 growth: an exploration in real time," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q II, pages 16-26.
  2. Koenig, Evan F., 1996. "Long-term interest rates and the recent weakness in M2," Journal of Economics and Business, Elsevier, vol. 48(2), pages 81-101, May.
  3. Cara S. Lown & Stavros Peristiani & Kenneth J. Robinson, 1999. "What was behind the M2 breakdown?," Staff Reports 83, Federal Reserve Bank of New York.
  4. Ireland, Peter N, 1995. "Endogenous Financial Innovation and the Demand for Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(1), pages 107-23, February.
  5. Carlson, John B. & Hoffman, Dennis L. & Keen, Benjamin D. & Rasche, Robert H., 2000. "Results of a study of the stability of cointegrating relations comprised of broad monetary aggregates," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 345-383, October.
  6. Yash P. Mehra, 1995. "A federal funds rate equation," Working Paper 95-03, Federal Reserve Bank of Richmond.

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