MODELING THE DEMAND FOR NARROW MONEY IN THE UNITED-KINGDOM AND THE UNITED-STATES

被引：139

作者：

HENDRY, DF

ERICSSON, NR

机构：

[1] UNIV CALIF SAN DIEGO,LA JOLLA,CA 92093

[2] FED RESERVE BOARD,INT FINANCE DIV,WASHINGTON,DC 20551

来源：

EUROPEAN ECONOMIC REVIEW | 1991年 / 35卷 / 04期

基金：

英国经济与社会研究理事会;

关键词：

D O I：

10.1016/0014-2921(91)90039-L

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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 U.K. and the U.S., we investigate these issues and explain such puzzles as 'missing money', the great velocity decline, and the recent explosion in M1. The endogeneity of money, the Lucas critique, and the non-invertibility of our M1 models are also discussed. © 1991.

引用

页码：833 / 881

页数：49

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[1] FISHER,IRVING ON HIS HEAD - CONSEQUENCES OF CONSTANT THRESHOLD-TARGET MONITORING OF MONEY HOLDINGS [J].