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Alternative Models of Buffer Stock Money: An Empirical Investigation

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  • Muscatelli, V A

Abstract

This paper contrasts traditional costs-of-adjustment models of the demand for money with alternative models w hich take into account private agents' saving behavior. In the presen ce of saving flows, the dynamic structure of forward-looking demand f or money functions is altered, and the author shows that there is som e evidence to support his alternative approach. However, the reported estimates seem to cast some doubt on the usefulness of estimating fo rward-looking models. The author also argues that the structure of fo rward-looking models may be unduly restrictive when compared to backw ard-looking models. Copyright 1988 by Scottish Economic Society.

Suggested Citation

  • Muscatelli, V A, 1988. "Alternative Models of Buffer Stock Money: An Empirical Investigation," Scottish Journal of Political Economy, Scottish Economic Society, vol. 35(1), pages 1-21, February.
    • Handle: RePEc:bla:scotjp:v:35:y:1988:i:1:p:1-21
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    Cited by:

    1. Agenor, Pierre-Richard & Khan, Mohsin S., 1996. "Foreign currency deposits and the demand for money in developing countries," Journal of Development Economics, Elsevier, vol. 50(1), pages 101-118, June.
    2. Engsted, Tom & Haldrup, Niels, 1997. "Money demand, adjustment costs, and forward-looking behavior," Journal of Policy Modeling, Elsevier, vol. 19(2), pages 153-173, April.
    3. Fanelli, Luca, 2002. "A new approach for estimating and testing the linear quadratic adjustment cost model under rational expectations and I(1) variables," Journal of Economic Dynamics and Control, Elsevier, vol. 26(1), pages 117-139, January.
    4. Goodhart, Charles, 1989. "The Conduct of Monetary Policy," Economic Journal, Royal Economic Society, vol. 99(396), pages 293-346, June.

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