Forecasting with money demand functions: The UK case

被引：0

作者：

Garcia-Ferrer, A

Novales, A

机构：

[1] Univ Autonoma Madrid, Dept Econ Cuantitativa, E-28049 Madrid, Spain

[2] Univ Complutense, Dept Econ Cuantitativa, Madrid 28233, Spain

来源：

JOURNAL OF FORECASTING | 1998年 / 17卷 / 02期

关键词：

money demand; error-correction model; cointegration;

D O I：

10.1002/(SICI)1099-131X(199803)17:2<125::AID-FOR679>3.0.CO;2-J

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Money demand functions have long been known to be frequently subject to structural change. Since their use for optimal monetary policy design is basically a forecasting exercise, it is crucial to analyse the effect of time instability on the quality of their forecasts. We discuss in this paper whether instability of demand for money functions precludes their use for policy experiments, analysing a 1963-84 sample for the UK which has been widely used in the literature. (C) 1998 John Wiley & Sons, Ltd.

引用

页码：125 / 145

页数：21

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