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Empirical modeling of money demand

Author

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  • Neil R. Ericsson

    () (Stop 24, Division of International Finance, Federal Reserve Board, 2000 C Street, N.W., Washington, DC 20551, USA)

Abstract

This paper examines several central issues in the empirical modeling of money demand. These issues include economic theory, data measurement, parameter constancy, the opportunity cost of holding money, cointegration, model specification, exogeneity, and inferences for policy. Review of these issues at a general level is paralleled by discussion of specific empirical applications, including some new results on the demand for narrow money in the United Kingdom.

Suggested Citation

  • Neil R. Ericsson, 1998. "Empirical modeling of money demand," Empirical Economics, Springer, vol. 23(3), pages 295-315.
  • Handle: RePEc:spr:empeco:v:23:y:1998:i:3:p:295-315
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    Keywords

    Cointegration · exogeneity · financial innovation · money demand · parameter constancy;

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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