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Instability of the U.S. Money Demand Function

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  • Leventakis, John A
  • Brissimis, Sophocles N

Abstract

This paper surveys the two major episodes of instability of the U.S. money demand function known respectively as "the mystery of missing money" and "the great velocity decline." It also assesses the recent literature on open economy money demand models and their usefulness in explaining the puzzling behavior of money demand manifested shortly after the transition to floating exchange rates. Copyright 1991 by Blackwell Publishers Ltd

Suggested Citation

  • Leventakis, John A & Brissimis, Sophocles N, 1991. " Instability of the U.S. Money Demand Function," Journal of Economic Surveys, Wiley Blackwell, vol. 5(2), pages 131-161.
  • Handle: RePEc:bla:jecsur:v:5:y:1991:i:2:p:131-61
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    Cited by:

    1. Lutkepohl, Helmut & Saikkonen, Pentti, 1997. "Impulse response analysis in infinite order cointegrated vector autoregressive processes," Journal of Econometrics, Elsevier, vol. 81(1), pages 127-157, November.
    2. Wankeun Oh, 2002. "Cointegration and Structural Change: An Application to the U.S. Demand for Money," Economic Inquiry, Western Economic Association International, vol. 40(1), pages 91-101, January.

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