Buffer-stock money: interpreting short-run dynamics using long-run restrictions.: An article from: Journal of Money, Credit & Banking
Book Details
Author(s)William D. Lastrapes, George Selgin
PublisherOhio State University Press
ISBN / ASINB0008YZ2HE
ISBN-13978B0008YZ2H6
MarketplaceFrance 🇫🇷
Description
This digital document is an article from Journal of Money, Credit & Banking, published by Ohio State University Press on February 1, 1994. The length of the article is 7829 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
From the supplier: Time series techniques are used to assess the quantitative importance of buffer-stock money - the short-run response of real money holdings to nominal money supply shocks. The empirical model, a vector autoregression of real and nominal money balances, captures general dynamic properties of the time series but requires theoretical restrictions for sensible interpretation. We just-identify the system by imposing a long-run neutrality restriction: nominal money shocks have no permanent effects on real money. We find that buffer-stock effects play an important role in the evolution of real M1 in the short-run. The evidence for M2 is less conclusive. (Printed by permission of the publisher.)
Citation Details
Title: Buffer-stock money: interpreting short-run dynamics using long-run restrictions.
Author: William D. Lastrapes
Publication:Journal of Money, Credit & Banking (Refereed)
Date: February 1, 1994
Publisher: Ohio State University Press
Volume: v26 Issue: n1 Page: p 34(21)
Distributed by Thomson Gale
From the supplier: Time series techniques are used to assess the quantitative importance of buffer-stock money - the short-run response of real money holdings to nominal money supply shocks. The empirical model, a vector autoregression of real and nominal money balances, captures general dynamic properties of the time series but requires theoretical restrictions for sensible interpretation. We just-identify the system by imposing a long-run neutrality restriction: nominal money shocks have no permanent effects on real money. We find that buffer-stock effects play an important role in the evolution of real M1 in the short-run. The evidence for M2 is less conclusive. (Printed by permission of the publisher.)
Citation Details
Title: Buffer-stock money: interpreting short-run dynamics using long-run restrictions.
Author: William D. Lastrapes
Publication:Journal of Money, Credit & Banking (Refereed)
Date: February 1, 1994
Publisher: Ohio State University Press
Volume: v26 Issue: n1 Page: p 34(21)
Distributed by Thomson Gale
