Is the US demand for money unstable?

aut.researcherKumar, Saten
dc.contributor.authorRao, BB
dc.contributor.authorKumar, S
dc.date.accessioned2011-09-18T10:10:26Z
dc.date.available2011-09-18T10:10:26Z
dc.date.copyright2011
dc.date.issued2011
dc.description.abstractThe demand for money (M1) for the USA is estimated with annual data from 1960-2008 and its stability is analyzed with the extended Gregory and Hansen (1996b) test. In addition to estimating the canonical specification, alternative specifications are estimated which include a trend and additional variables to proxy the cost of holding money. Results with our extended specification showed that there has been a structural change in 1998 and the constraint that income elasticity is unity could not be rejected by subsample estimates. Short run dynamic adjustment equations are estimated with the lagged residuals from the fully modified OLS (FMOLS) estimates of cointegrating equation and also with the general to specific approach (GETS).
dc.identifier.citationApplied Financial Economics, vol.21(17), pp.1263 - 1272
dc.identifier.doi10.1080/09603107.2011.568395
dc.identifier.issn0960-3107 (print) 1466-4305 (online)
dc.identifier.urihttps://hdl.handle.net/10292/2087
dc.languageEnglish
dc.publisherTaylor & Francis (Routledge)
dc.relation.urihttp://dx.doi.org/10.1080/09603107.2011.568395
dc.rights© 2011 Taylor & Francis. This is a preprint of an article whose final and definitive form has been published in the Applied Financial Economics and is available online at: www.tandfonline.com with the open URL of your article (see Publisher’s Version)
dc.rights.accessrightsOpenAccess
dc.subjectDemand for M1
dc.subjectUS
dc.subjectStructural breaks
dc.subjectIncome elasticity
dc.subjectCost of holding money
dc.titleIs the US demand for money unstable?
dc.typeJournal Article
pubs.organisational-data/AUT
pubs.organisational-data/AUT/Business & Law
pubs.organisational-data/AUT/Business & Law/Economics
pubs.organisational-data/AUT/Business & Law/Economics/Economics PBRF 2012
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pubs.organisational-data/AUT/PBRF Researchers/Business & Law PBRF Researchers
pubs.organisational-data/AUT/PBRF Researchers/Business & Law PBRF Researchers/B & L Economics
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