This paper uses recent cointegration test procedures to investigate the underlying economic relationship between real money balances, real income, and interest rates for the United States. Unlike recent studies of money demand, the authors' analysis uses quarterly data spanning the period 1915-88, thus providing a sample encompassing a wide variety of economic experiences. The evidence presented indicates that the broader M2 measure of money is the preferable measure with which to consider the long-run effects of monetary policy. Copyright 1991 by Ohio State University Press.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.) This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page.