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The Changing Empirical Definition of Money: Some Estimates from a Model of the Demand for Money Substitutes

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Author Info
Belongia, Michael T
Chalfant, James A

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Abstract

Interest-bearing checkable deposits are examined to test whether they should be included in measures of the U.S. money stock. Both Divisia and traditional simple-sum aggregates are constructed on the basis of tests for weak separability in a model of the demand for financial assets. Using nonparametric demand analysis, the authors find that several groups of assets are compatible with aggregation theory. They find empirical support for a narrow measure consisting of the components of current M1A. In tests based on a St. Louis equation and in terms of controllability, a Divisia aggregate performs better than the simple-sum M1A measure. Copyright 1989 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 97 (1989)
Issue (Month): 2 (April)
Pages: 387-97
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Handle: RePEc:ucp:jpolec:v:97:y:1989:i:2:p:387-97

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  1. Michelle R. Garfinkel & Daniel L. Thornton, 1991. "The multiplier approach to the money supply process: a precautionary note," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 47-64. [Downloadable!]
  2. William A. Barnett & Melvin J. Hinich & Piyu Yue, . "The Exact Theoretical Rational Expectations Monetary Aggregate," Macroeconomics 0003004, EconWPA. [Downloadable!]
    Other versions:
  3. William A. Barnett & Yi Liu, 1996. "Beyond the Risk Neutral Utility Function," Macroeconomics 9602001, EconWPA. [Downloadable!]
  4. Michael T. Belongia, 1992. "Selecting an intermediate target variable for monetary policy when the goal is price stability," Working Papers 1992-008, Federal Reserve Bank of St. Louis. [Downloadable!]
  5. William A. Barnett & Barry E. Jones & Milka Kirova & Travis Nesmith & Meenakshi Pasupathy, 2004. "The Nonlinear Skeletons in the Closet," Econometrics 0405003, EconWPA. [Downloadable!]
    Other versions:
  6. William A. Barnett & Milka Kirova & Meenakshi Pasupathy, 1996. "Technology Modeling: Curvature is not Sufficient for Regularity," Econometrics 9602002, EconWPA, revised 24 Jun 1999. [Downloadable!]
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