Aggregate Money Demand Functions

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Aggregate Money Demand Functions

Author : Dennis L. Hoffman
ISBN : 9789400918146
Genre : Business & Economics
File Size : 21.11 MB
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The econometric consequences of nonstationary data have wide ranging im plications for empirical research in economics. Specifically, these issues have implications for the study of empirical relations such as a money demand func tion that links macroeconomic aggregates: real money balances, real income and a nominal interest rate. Traditional monetary theory predicts that these nonsta tionary series form a cointegrating relation and accordingly, that the dynamics of a vector process comprised of these variables generates distinct patterns. Re cent econometric developments designed to cope with nonstationarities have changed the course of empirical research in the area, but many fundamental challenges, for example the issue of identification, remain. This book represents the efforts undertaken by the authors in recent years in an effort to determine the consequences that nonstationarity has for the study of aggregate money demand relations. We have brought together an empirical methodology that we find useful in conducting empirical research. Some of the work was undertaken during the authors' sabbatical periods and we wish to acknowledge the generous support of Arizona State University and Michigan State University respectively. Professor Hoffman wishes to acknowledge the support of the Fulbright-Hays Foundation that supported sabbattical research in Europe and separate support of the Council of 100 Summer Research Program at Arizona State University.
Category: Business & Economics
Aggregate Money Demand Functions
Language: en
Pages: 266
Authors: Dennis L. Hoffman, Robert H. Rasche
Categories: Business & Economics
Type: BOOK - Published: 2012-12-06 - Publisher: Springer Science & Business Media

The econometric consequences of nonstationary data have wide ranging im plications for empirical research in economics. Specifically, these issues have implications for the study of empirical relations such as a money demand func tion that links macroeconomic aggregates: real money balances, real income and a nominal interest rate. Traditional monetary
Long-Run Money Demand in Large Industrial Countries
Language: en
Pages: 34
Authors: International Monetary Fund
Categories: Business & Economics
Type: BOOK - Published: 1990-06-01 - Publisher: International Monetary Fund

The reputation of the aggregate demand function for money balances has plummeted since the mid-1970s, owing to the destabilizing effects of financial innovation and deregulation. There is, nonetheless, a renewed effort among economists to uncover stable relationships, a revival that reflects in part the development of new econometric approaches, especially
Fractional Cointegration and Aggregate Money Demand Functions
Language: en
Pages: 16
Authors: Guglielmo Maria Caporale, Luis A. Gil-Alana
Categories: Economics
Type: BOOK - Published: 2000 - Publisher:

Books about Fractional Cointegration and Aggregate Money Demand Functions
The Stability of Narrow Money Demand in Germany and Aggregate Money Demand in the EMS
Language: en
Pages: 20
Authors: Martin Falk, Norbert Funke
Categories: Demand for money
Type: BOOK - Published: 1994 - Publisher:

Books about The Stability of Narrow Money Demand in Germany and Aggregate Money Demand in the EMS
Money Demand in Europe
Language: en
Pages: 240
Authors: Christian Müller
Categories: Business & Economics
Type: BOOK - Published: 2012-12-06 - Publisher: Springer Science & Business Media

The first of January 1999 marked the beginning of a macroeconomic experi ment without precedent in modern history. For the first time eleven European countries agreed to abolish their local currencies in favour of a single one, the Euro. Not surprisingly, the necessary preparatory process has been accompa nied by