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A CLOSER LOOK AT LONG‐RUN U.S. MONEY DEMAND: LINEAR OR NONLINEAR ERROR‐CORRECTION WITH M0, M1, OR M2? 总被引:1,自引:0,他引:1
We study annual U.S. data from 1869 or 1900 to 1999. We find evidence for a well-specified and stable model of money demand with data from 1946 to 1999. We carry out diagnostic and stability tests, including linearity tests. A linear error-correction model with the monetary base performs better than a model with M1. A specification with M2 is not supported. We use real gross national product as the scale variable and a short-term interest rate as the opportunity cost measure. We estimate an income elasticity of 0.86 and an interest rate elasticity of −0.44 for the monetary base . ( JEL E41) 相似文献
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Vivienne Jabri 《The British journal of sociology》2009,60(3):656-657
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Haddad Tania 《Voluntas: International Journal of Voluntary and Nonprofit Organizations》2020,31(4):830-831
VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations - 相似文献
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Getaneh Mehari MA 《Journal of Community Practice》2013,21(2):218-221