Panel Data Evidence on the Demand for Money
This paper examines the demand for money using panel data for 48 countries over the 1980-95 time period. In our examination of the conventional money demand function, we begin by empirically exploiting traditional panel methodology and fi nd support for heterogeneity among the countries. However, specifi cation and diagnostic tests also indicate serial correlation in all of the estimated models. Recent state-of-the art advances in panel unit root and panel cointegration methodology allow us to proceed and further our analysis. Such procedures allow us to take advantage of desirable statistical properties and obtain consistent estimates in order to test long-run hypotheses.
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Volume (Year): 59 (2006)
Issue (Month): 4 ()
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