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The Demand for M1 in the U.S.A., 1960-1988.

Abstract:

Estimated U.S. M1 demand functions appear unstable, regularly "breaking down," over 1960-88 (e.g., missing money, great velocity decline, M1-explosion). The authors propose a money demand function whose arguments include inflation, real income, long-term bond yield and risk, T-bill interest rates, and learning curve weighted yields on newly introduced instruments in M1 and nontransactions M2. The model is estimated in dynamic error-correction form; it is constant and, with an equation standar...

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Journal:
Review of Economic Studies More from this journal
Volume:
59
Publication date:
1992-01-01
ISSN:
0034-6527
Language:
English
UUID:
uuid:f8a14364-dd7a-40e7-8f62-cf5fc80419e2
Local pid:
oai:economics.ouls.ox.ac.uk:11378
Deposit date:
2011-08-16

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