Modeling the Demand for Narrow Money in the United Kingdom and the United States.
Despite the importance of well-specified empirical money-demand functions for inference, forecasting, and policy, problems in modeling have arisen concerning the economic theories of money demand, the data, institutional frameworks, financial innovation, and econometric implementation. By developing constant, data-coherent M1 demand equations for the United Kingdom and the United States, the authors investigate these issues and explain such puzzles as "missing money," the great velocity decli...Expand abstract
- European Economic Review
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