Instability of the U.S. Money Demand Function
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
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Volume (Year): 5 (1991)
Issue (Month): 2 ()
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