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The Demand for Divisia Money in the United States: A Dynamic Flexible Demand System

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  • Serletis, Apostolos

Abstract

This paper applies the Anderson and Blundell (1982) approach to the analysis of the demand for money and attempts to establish the nature of the relationship between Divisia money, defined from narrow to broad, and the "nested like assets" at different levels of aggregation. This is achieved by conducting the analysis within a microtheoretical framework--utilizing the demand system approach--and by estimating a sequence of nested dynamic specifications and performing tests of the nested structures as well as on economic theory to establish the most restrictive dynamic specification acceptable to the data. Copyright 1991 by Ohio State University Press.

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Bibliographic Info

Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 23 (1991)
Issue (Month): 1 (February)
Pages: 35-52

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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:1:p:35-52

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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Cited by:
  1. Barnett, William A, 1997. "Which Road Leads to Stable Money Demand?," Economic Journal, Royal Economic Society, vol. 107(443), pages 1171-85, July.
  2. Krämer, Jörg W., 1994. "Zinsgewichtete Geldmengenaggregate und wirtschaftliche Aktivität," Kiel Working Papers 656, Kiel Institute for the World Economy.
  3. Leigh Drake & Adrian Fleissig, 2004. "Admissible Monetary Aggregates and UK Inflation Targeting," Money Macro and Finance (MMF) Research Group Conference 2004 2, Money Macro and Finance Research Group.
  4. Sean Collins & Richard G. Anderson, 1997. "Modeling U.S. households' demand for liquid wealth in an era of financial change," Working Papers 1997-014, Federal Reserve Bank of St. Louis.
  5. Krämer, Jörg W., 1994. "Zinsgewichtete Geldmengenaggregate und Preisniveau," Kiel Working Papers 635, Kiel Institute for the World Economy.
  6. Krämer, Jörg W., 1994. "Lassen sich zinsgewichtete Geldmengen besser steuern als gewöhnliche Geldmengen?," Kiel Working Papers 657, Kiel Institute for the World Economy.
  7. Fleissig, Adrian & Swofford, James L., 1996. "A dynamic asymptotically ideal model of money demand," Journal of Monetary Economics, Elsevier, vol. 37(2-3), pages 371-380, April.
  8. Serletis, Apostolos & Rangel-Ruiz, Ricardo, 2005. "Microeconometrics and measurement matters: Some results from monetary economics for Canada," Journal of Macroeconomics, Elsevier, vol. 27(2), pages 307-330, June.

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