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Reassessing the role of buffer stock money under oil price shocks

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  • Nicholas Apergis

Abstract

This paper uses the structural vector autoregressive approach to assess the significance of buffer stock money under alternative real shocks in the U.S. economy over the 1960–96 period. Buffer stock effects are shown to play a minor role when oil price shocks are explicitly considered. Copyright International Atlantic Economic Society 2001

Suggested Citation

  • Nicholas Apergis, 2001. "Reassessing the role of buffer stock money under oil price shocks," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 29(1), pages 20-30, March.
  • Handle: RePEc:kap:atlecj:v:29:y:2001:i:1:p:20-30
    DOI: 10.1007/BF02299929
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    References listed on IDEAS

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    1. Blanchard, Olivier Jean & Quah, Danny, 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," American Economic Review, American Economic Association, vol. 79(4), pages 655-673, September.
    2. Carr, Jack & Darby, Michael R., 1981. "The role of money supply shocks in the short-run demand for money," Journal of Monetary Economics, Elsevier, vol. 8(2), pages 183-199.
    3. Browne, Francis X, 1989. "A New Test of the Buffer Stock Money Hypothesis," The Manchester School of Economic & Social Studies, University of Manchester, vol. 57(2), pages 154-171, June.
    4. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-1072, June.
    5. Milton Friedman, 1959. "The Demand for Money: Some Theoretical and Empirical Results," NBER Chapters,in: The Demand for Money: Some Theoretical and Empirical Results, pages 1-29 National Bureau of Economic Research, Inc.
    6. Cuthbertson, Keith & Taylor, Mark P, 1986. "Monetary Anticipation and the Demand for Money in the U.K.: Testing Rationality in the Shock-Absorber Hypothesis," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 1(4), pages 355-365, October.
    7. King, Robert G. & Plosser, Charles I. & Stock, James H. & Watson, Mark W., 1991. "Stochastic Trends and Economic Fluctuations," American Economic Review, American Economic Association, vol. 81(4), pages 819-840, September.
    8. MacKinnon, James G. & Milbourne, Ross D., 1984. "Monetary anticipations and the demand for money," Journal of Monetary Economics, Elsevier, vol. 13(2), pages 263-274, March.
    9. James M. Boughton & George S. Tavlas, 1990. "Modeling money demand in large industrial countries: buffer stock and error correction approaches," Proceedings, Federal Reserve Bank of Cleveland, pages 433-467.
    10. Hamilton, James D, 1983. "Oil and the Macroeconomy since World War II," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 228-248, April.
    11. Lastrapes, William D & Selgin, George A, 1994. "Buffer-Stock Money: Interpreting Short-Run Dynamics Using Long-Run Restrictions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 26(1), pages 34-54, February.
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