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The Demand for M1 in the United States: A Commenton Baba, Hendry, and Starr

Author

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  • Mr. James M. Boughton

Abstract

A recent paper by Baba, Hendry, and Starr presents an error-correction model of the demand for M1 in the United States, which shows a dramatic improvement in both fit and stability over earlier models. This note estimates an alternative model with the same data set and draws two conclusions: that the improvements are due more to the use of complex dynamics than to the introduction of variables representing financial innovation, and that some of the economic properties are not robust with respect to minor changes in specification.

Suggested Citation

  • Mr. James M. Boughton, 1993. "The Demand for M1 in the United States: A Commenton Baba, Hendry, and Starr," IMF Working Papers 1993/024, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1993/024
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    Cited by:

    1. K. Cuthbertson & D. Nitzsche & S. Hyde, 2007. "Monetary Policy And Behavioural Finance," Journal of Economic Surveys, Wiley Blackwell, vol. 21(5), pages 935-969, December.
    2. Ante Babić, 2000. "The Monthly Transaction Money Demand in Croatia," Working Papers 5, The Croatian National Bank, Croatia.
    3. Sunil Sharma & Neil R. Ericsson, 1998. "Broad money demand and financial liberalization in Greece," Empirical Economics, Springer, vol. 23(3), pages 417-436.

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