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Non-nested specification tests and the intermediate target for monetary policy

Author

Listed:
  • William T. Gavin
  • Mitsuru Toida

Abstract

An examination of a procedure for comparing non-nested models to the problem of choosing an intermediate target for monetary policy. Six models of economic activity, based on six different monetary aggregates, are compared.

Suggested Citation

  • William T. Gavin & Mitsuru Toida, 1983. "Non-nested specification tests and the intermediate target for monetary policy," Working Papers (Old Series) 8301, Federal Reserve Bank of Cleveland.
    • Handle: RePEc:fip:fedcwp:8301
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    Keywords

    Monetary policy; Money supply;

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