Estimating Policy-Invariant Technology and Taste Parameters in the Financial Sector, When Risk and Growth Matter
This paper provides an approach to estimation of taste and technology parameters in the financial sector through Euler equation estimation under exact monetary aggregation conditions. This is the original working paper, which produced the more condensed version published in the November 1995 edition of the Journal of Money, Credit and Banking. That special edition of the JMCB contains the proceedings of the Cleveland Federal Reserve Bank September 1994 conference on Liquidity, Monetary Policy, and Financial Intermediation. At the end of this working paper is our submitted reply to the comments of one of the discussants. The journal proceedings volume includes the published comments of that discussant, but not our reply to that discussant (who also is an editor of the journal.....).
(This abstract was borrowed from another version of this item.)
|Date of creation:||Sep 2012|
|Date of revision:||Sep 2012|
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- James H. Stock & Mark W. Watson, 1988. "A Probability Model of The Coincident Economic Indicators," NBER Working Papers 2772, National Bureau of Economic Research, Inc.
- K. Alec Chrystal & Ronald MacDonald, 1994.
"Empirical evidence on the recent behavior and usefulness of simple-sum and weighted measures of the money stock,"
Federal Reserve Bank of St. Louis, issue Mar, pages 73-109.
- K. Alec Chrystal & Ronald MacDonald, 1994. "Empirical evidence on the recent behavior and usefulness of simple-sum and weighted measures of the money stock," Proceedings, Federal Reserve Bank of St. Louis, issue Mar, pages 73-109.
- Barnett, William A, 1982. "The Optimal Level of Monetary Aggregation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(4), pages 687-710, November.
- Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
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