The Demand for M1: A Forward Looking Buffer Stock Model
AbstractA forward looking model of the demand for M1, based on minimizing multiperiod quadratic costs, is derived. The dynamic response of the demand for money differs depending on whether shocks are anticipated or unanticipated. The restrictions implicit in the forward model are tested and the model is compared with a conventional ADL backward looking model. Copyright 1988 by Royal Economic Society.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 40 (1988)
Issue (Month): 1 (March)
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- Ragnar Nymoen & Gunnar Bardsen & Eilev S. Jansen, 2004. "The empirical relevance of the New Keynesian Phillips curve," Econometric Society 2004 North American Winter Meetings 328, Econometric Society.
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