作者：BABA, Y; HENDRY, DF; STARR, RM
作者单位：University of Oxford; University of California System; University of California San Diego
摘要：Estimated U.S. M1 demand functions appear unstable, regularly breaking down, over 1960-1988 (e.g. missing money, great velocity decline, M1-explosion). We propose a money demand function whose arguments include inflation, real income, long-term bond yield and risk, T-bill interest rates, and learning curve weighted yields on newly introduced instruments in M1 and non-transactions M2. The model is estimated in dynamic error-correction form; it is constant and, with an equation standard error of...
