Structural Change in the Demand for Money
A two-stage nonparametric and parametric approach to identifying structural change in the underlying utility function for monetary assets proves useful in exploring the existence, timing, direction, and extent of structural breaks over the 1969-85 period. Divisia monetary aggregates were constructed after applying the generalized axiom of revealed preference to identify least violation subutility functions. The nonparametric procedure shows utility function inconsistencies in 1975.IV and 1982.III. A translog utility function with structural change represented by time-varying multiplicative parameters was developed and estimated. The results show that the breaks were statistically significant and measure the impacts on monetary asset demand over the period. Copyright 1992 by Ohio State University Press.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 24 (1992)
Issue (Month): 2 (May)
|Contact details of provider:|| Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879|
When requesting a correction, please mention this item's handle: RePEc:mcb:jmoncb:v:24:y:1992:i:2:p:226-38. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.