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The changing empirical definition of money: some estimates from a model of the demand for money substitutes

  • Michael T. Belongia
  • James A. Chalfant

Interest-bearing checkable deposits are examined to test whether they should be included in measures of the U.S. money stock. Both Divisia and traditional simple-sum aggregates are constructed on the basis of tests for weak separability in a model of the demand for financial assets. Using nonparametric demand analysis, the authors find that several groups of assets are compatible with aggregation theory. They find empirical support for a narrow measure consisting of the components of current M1A. In tests based on a St. Louis equation and in terms of controllability, a Divisia aggregate performs better than the simple-sum M1A measure. Copyright 1989 by University of Chicago Press.

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Paper provided by Federal Reserve Bank of St. Louis in its series Working Papers with number 1986-006.

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Date of creation: 1986
Date of revision:
Publication status: Published in Journal of Political Economy, April 1989, 97(2), pp. 387-97
Handle: RePEc:fip:fedlwp:1986-006
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