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The Demand For Money In The United States: Evidence From Cointegration Tests

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Author Info

  • HAFER, R.W.
  • JANSEN, D.W.

Abstract

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.

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Bibliographic Info

Paper provided by Erasmus University of Rotterdam - Institute for Economic Research in its series Papers with number 9010.

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Length: 15 pages
Date of creation: 1990
Date of revision:
Handle: RePEc:fth:erroec:9010

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Postal: ERASMUS UNIVERSITY OF ROTTERDAM, INSTITUTE FOR ECONOMIC RESEOB.O. BOX 1738 ROTTERDAM THE NETHERLANDS.
Phone: 31 10 4081111
Web page: http://www.few.eur.nl/few/
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Keywords: monetary policy ; measurement ; interest rate ; time factor;

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