The Demand for M1: A Forward Looking Buffer Stock Model
A forward looking model of the demand for M1, based on minimizing multiperiod quadratic costs, is derived. The dynamic response of the demand for money differs depending on whether shocks are anticipated or unanticipated. The restrictions implicit in the forward model are tested and the model is compared with a conventional ADL backward looking model. Copyright 1988 by Royal Economic Society.
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Volume (Year): 40 (1988)
Issue (Month): 1 (March)
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