How Robustare Money Demand Estimations? A Meta-Analytic Approach
In this paper we perform a meta-analysis of empirical money demand studies involving almost 500 individual money demand estimations. We analyze whether the wide variety of results can be explained by characteristics of the studies, different macroeconomic environments or the imprecision of individual estimates. We find that estimates for the income elasticity of money are systematically related to various study characteristics (e.g., broadness of the monetary aggregate, inclusion of financial innovation and wealth, etc). Also, the macroeconomic environment (inflation, nominal and real uncertainties) seems to play a role. Nevertheless, a substantial part of the variability remains unexplained. Our findings thus raise some doubts about the robustness and reliability of money demand estimations.
|Date of creation:||30 Jun 2003|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: +43/1/404 20 7205
Fax: +43/1/404 20 7299
Web page: http://www.oenb.at/
More information through EDIRC
|Order Information:|| Postal: Oesterreichische Nationalbank, Economic Studies Division, c/o Beate Hofbauer-Berlakovich, POB 61, A-1011 Vienna, Austria|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ball, Laurence, 2001.
"Another look at long-run money demand,"
Journal of Monetary Economics,
Elsevier, vol. 47(1), pages 31-44, February.
- Alan B. Krueger, 2003.
"Economic Considerations and Class Size,"
Royal Economic Society, vol. 113(485), pages F34-F63, February.
- Alan Krueger, 2000. "Economic Considerations and Class Size," Working Papers 826, Princeton University, Department of Economics, Industrial Relations Section..
- Alan B. Krueger, 2002. "Economic Considerations and Class Size," NBER Working Papers 8875, National Bureau of Economic Research, Inc.
- Alan B. Krueger, 2000. "Economic Considerations and class size," Working Papers 975, Princeton University, Woodrow Wilson School of Public and International Affairs, Center for Research on Child Wellbeing..
- Carlson, John B. & Hoffman, Dennis L. & Keen, Benjamin D. & Rasche, Robert H., 2000.
"Results of a study of the stability of cointegrating relations comprised of broad monetary aggregates,"
Journal of Monetary Economics,
Elsevier, vol. 46(2), pages 345-383, October.
- John B. Carlson & Dennis L. Hoffman & Benjamin D. Keen & Robert H. Rasche, 1999. "Results of a study of the stability of cointegrating relations comprised of broad monetary aggregates," Working Paper 9917, Federal Reserve Bank of Cleveland.
- Wesche, Katrin, 1995.
"The Stability of European Money Demand: An Investigation of M3H,"
Discussion Paper Serie B
337, University of Bonn, Germany.
- Katrin Wesche, 1997. "The Stability of European Money Demand: An Investigation of M3H," Open Economies Review, Springer, vol. 8(4), pages 371-391, October.
- Pantelis Kalaitzidakis & Theofanis P. Mamuneas & Thanasis Stengos, 2003.
"Rankings of Academic Journals and Institutions in Economics,"
Journal of the European Economic Association,
MIT Press, vol. 1(6), pages 1346-1366, December.
- Pantelis Kalaitzidakis & Theofanis P Mamuneas & Thanasis Stengos, 2001. "Rankings of Academic Journals and Institutions in Economics," Discussion Papers in Economics 01/8, Department of Economics, University of Leicester.
- Goldfeld, Stephen M. & Sichel, Daniel E., 1990. "The demand for money," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 8, pages 299-356 Elsevier.
- T. D. Stanley, 2001. "Wheat from Chaff: Meta-analysis as Quantitative Literature Review," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 131-150, Summer.
When requesting a correction, please mention this item's handle: RePEc:onb:oenbwp:81. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Markus Knell and Helmut Stix)
If references are entirely missing, you can add them using this form.