In search of a stable, short-run M1 demand function

Conventional M1 demand functions reformulated using error-correction and cointegration techniques neither depict parameter stability nor satisfactorily explain short-run changes in M1. Thus, M1 remains unreliable as an indicator variable for monetary policy.

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Year of publication:	1992
Authors:	Mehra, Yash P.
Published in:	Economic Review. - Federal Reserve Bank of Richmond. - 1992, May, v. 78, no. 6, p. 9-23
Publisher:	Federal Reserve Bank of Richmond
Subject:	Money supply

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Extent:	application/pdf
Type of publication:	Article
Language:	English
Source:	RePEc - Research Papers in Economics

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