THE STABILITY OF LONG-RUN MONEY DEMAND IN 5 INDUSTRIAL-COUNTRIES

被引：81

作者：

HOFFMAN, DL

RASCHE, RH

TIESLAU, MA

机构：

[1] MICHIGAN STATE UNIV,DEPT ECON,E LANSING,MI 48824

[2] ARIZONA STATE UNIV,DEPT ECON,TEMPE,AZ 85287

[3] UNIV N TEXAS,DEPT ECON,DENTON,TX 76203

[4] LUND UNIV,LUND,SWEDEN

来源：

JOURNAL OF MONETARY ECONOMICS | 1995年 / 35卷 / 02期

关键词：

EQUILIBRIUM MONEY DEMAND; VELOCITY; COINTEGRATION;

D O I：

10.1016/0304-3932(95)01189-U

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study provides strong evidence for the stability of long-run demand functions for narrowly defined money (M1) in five industrial countries (U.S., Japan, Canada, U.K., and West Germany) using post-war quarterly data. Evidence of stability is examined using two different estimation techniques and through a formal test of parameter constancy designed specifically for cointegrating vectors. In the majority of these countries, the key to stability is the imposition of a unitary long-run income elasticity that is rarely rejected by the data.

引用

页码：317 / 339

页数：23

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