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The Demand for M1: A Forward Looking Buffer Stock Model

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  • Cuthbertson, Keith
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    Abstract

    A 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 Info

    Article provided by Oxford University Press in its journal Oxford Economic Papers.

    Volume (Year): 40 (1988)
    Issue (Month): 1 (March)
    Pages: 110-31

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    Handle: RePEc:oup:oxecpp:v:40:y:1988:i:1:p:110-31

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    Cited by:
    1. Gunnar Bårdsen & Eilev S. Jansen & Ragnar Nymoen, 2002. "The Empirical (ir)Relevance of the New Keynesian Phillips Curve," Working Paper Series 2102, Department of Economics, Norwegian University of Science and Technology.
    2. Subramanian S. Sriram, 1999. "Survey of Literatureon Demand for Money," IMF Working Papers 99/64, International Monetary Fund.
    3. Cheong, ChongCheul, 2003. "Regime changes and econometric modeling of the demand for money in Korea," Economic Modelling, Elsevier, vol. 20(3), pages 437-453, May.
    4. David F. Hendry & Neil R. Ericsson, 1999. "Encompassing and rational expectations: How sequential corroboration can imply refutation," Empirical Economics, Springer, vol. 24(1), pages 1-21.
    5. 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.
    6. Bårdsen, Gunnar & Jansen, Eilev S. & Nymoen, Ragnar, 2003. "Testing the New Keynesian Phillips curve," Memorandum 18/2002, Oslo University, Department of Economics.

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