The Demand for Divisia Money in the United States: A Dynamic Flexible Demand System
This paper applies the Anderson and Blundell (1982) approach to the analysis of the demand for money and attempts to establish the nature of the relationship between Divisia money, defined from narrow to broad, and the "nested like assets" at different levels of aggregation. This is achieved by conducting the analysis within a microtheoretical framework--utilizing the demand system approach--and by estimating a sequence of nested dynamic specifications and performing tests of the nested structures as well as on economic theory to establish the most restrictive dynamic specification acceptable to the data. Copyright 1991 by Ohio State University Press.
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Volume (Year): 23 (1991)
Issue (Month): 1 (February)
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