Panel Data Evidence on the Demand for Money
AbstractThis paper examines the demand for money using panel data for 48 countries over the 1980-95 time period. In our examination of the conventional money demand function, we begin by empirically exploiting traditional panel methodology and fi nd support for heterogeneity among the countries. However, specifi cation and diagnostic tests also indicate serial correlation in all of the estimated models. Recent state-of-the art advances in panel unit root and panel cointegration methodology allow us to proceed and further our analysis. Such procedures allow us to take advantage of desirable statistical properties and obtain consistent estimates in order to test long-run hypotheses.
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Bibliographic InfoArticle provided by Camera di Commercio di Genova in its journal Economia Internazionale / International Economics.
Volume (Year): 59 (2006)
Issue (Month): 4 ()
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Panel unit root tests; Panel cointegration tests; International comparisons of money demand.;
Find related papers by JEL classification:
- C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
- E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
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