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The Demand for M1 in the USA: A Reply

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  • Hendry, David F
  • Starr, Ross M

Abstract

Using general to simple methods, J. M. Boughton (1993) develops an econometric model that fits almost as well as Y. Baba, D. F. Hendry, and R. M. Starr (BHS) (1992) but differs in economic implications and dynamic adjustments. He claims the new model is constant, is not encompassed by BHS, but does not encompass BHS. He concludes that the new variables in BHS do not matter for fit or constancy. The authors replicate Boughton's findings but their simplification encompassing test confirms the importance of the novel variables in BHS and shows that BHS encompasses his model. An explanation is offered for its constancy when previous studies suffered predictive failure. Copyright 1993 by Royal Economic Society.

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  • Hendry, David F & Starr, Ross M, 1993. "The Demand for M1 in the USA: A Reply," Economic Journal, Royal Economic Society, vol. 103(420), pages 1158-1169, September.
    • Handle: RePEc:ecj:econjl:v:103:y:1993:i:420:p:1158-69
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    Cited by:

    1. Sunil Sharma & Neil R. Ericsson, 1998. "Broad money demand and financial liberalization in Greece," Empirical Economics, Springer, vol. 23(3), pages 417-436.
    2. Dennis L. Hoffman & Robert H. Rasche, 1997. "STLS/US-VECM6.1: a vector error-correction forecasting model of the U. S. economy," Working Papers 1997-008, Federal Reserve Bank of St. Louis.

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