Measurement error and a reinterpretation of the conventional money demand regression
It has been sixteen years since a partial adjustment model was first applied in empirical money demand studies by Chow . Since then the partial adjustment specification has become widely used, particularly in quarterly money demand studies. However, in spite of its widespread use, the theoretical rationalization for the partial adjustment specification has never been entirely satisfactory.
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- Carr, Jack & Darby, Michael R., 1981.
"The role of money supply shocks in the short-run demand for money,"
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- Jack Carr & Michael R. Darby, 1977. "The Role of Money Supply Shocks in the Short-Run Demand for Money," UCLA Economics Working Papers 098, UCLA Department of Economics.
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- Santomero, Anthony M & Seater, John J, 1981. "Partial Adjustment in the Demand for Money: Theory and Empirics," American Economic Review, American Economic Association, vol. 71(4), pages 566-578, September.
- Anthony M. Santomero & John J. Seater, "undated". "Partial Adjustment in the Deman for Money Theory and Empirics," Rodney L. White Center for Financial Research Working Papers 02-79, Wharton School Rodney L. White Center for Financial Research.
- Anthony M. Santomero & John J. Seater, "undated". "Partial Adjustment in the Deman for Money Theory and Empirics," Rodney L. White Center for Financial Research Working Papers 2-79, Wharton School Rodney L. White Center for Financial Research.
- Stephen M. Goldfeld, 1976. "The Case of the Missing Money," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 7(3), pages 683-740.
- Cooley, Thomas F & LeRoy, Stephen F, 1981. "Identification and Estimation of Money Demand," American Economic Review, American Economic Association, vol. 71(5), pages 825-844, December.
- Goldberger, Arthur S, 1972. "Structural Equation Methods in the Social Sciences," Econometrica, Econometric Society, vol. 40(6), pages 979-1001, November.
- Barro, Robert J. & Fischer, Stanley, 1976. "Recent developments in monetary theory," Journal of Monetary Economics, Elsevier, vol. 2(2), pages 133-167, April.
- Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January. Full references (including those not matched with items on IDEAS)
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