On the reinterpretation of money demand regressions. (analysis of the Goodfriend hypothesis): An article from: Journal of Money, Credit & Banking
Book Details
Author(s)Mark P. Taylor
PublisherOhio State University Press
ISBN / ASINB00092W9IA
ISBN-13978B00092W9I4
MarketplaceIndia 🇮🇳
Description
This digital document is an article from Journal of Money, Credit & Banking, published by Ohio State University Press on November 1, 1994. The length of the article is 6526 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: A stylized fact concerning estimated money demand relationships is that lagged dependent variables have high explanatory power and large estimated coefficients, which is hard to explain at a theoretical. Goodfriend (1985) suggests that this may be due to the presence of serially correlated measurement errors in the independent variables. We demonstrate how consistent estimates of the short-run demand function can be obtained even if the Goodfriend hypothesis is accepted and also how the hypothesis might be tested. Application of the suggested test using the Goldfeld, pre-"missing Money" data set, 1952QI-1972QIV, leads to decisive rejection of the hypothesis. (Printed by permission of the publisher.)
Citation Details
Title: On the reinterpretation of money demand regressions. (analysis of the Goodfriend hypothesis)
Author: Mark P. Taylor
Publication:Journal of Money, Credit & Banking (Refereed)
Date: November 1, 1994
Publisher: Ohio State University Press
Volume: v26 Issue: n4 Page: p851(16)
Distributed by Thomson Gale
From the supplier: A stylized fact concerning estimated money demand relationships is that lagged dependent variables have high explanatory power and large estimated coefficients, which is hard to explain at a theoretical. Goodfriend (1985) suggests that this may be due to the presence of serially correlated measurement errors in the independent variables. We demonstrate how consistent estimates of the short-run demand function can be obtained even if the Goodfriend hypothesis is accepted and also how the hypothesis might be tested. Application of the suggested test using the Goldfeld, pre-"missing Money" data set, 1952QI-1972QIV, leads to decisive rejection of the hypothesis. (Printed by permission of the publisher.)
Citation Details
Title: On the reinterpretation of money demand regressions. (analysis of the Goodfriend hypothesis)
Author: Mark P. Taylor
Publication:Journal of Money, Credit & Banking (Refereed)
Date: November 1, 1994
Publisher: Ohio State University Press
Volume: v26 Issue: n4 Page: p851(16)
Distributed by Thomson Gale
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