Demand for money in the selected OECD countries: a time series panel data approach and structural breaks

被引：9
|
作者：
Kumar, Saten [1 ]
Chowdhury, Mamta B. [2 ]
Rao, B. Bhaskara [2 ]
机构：
[1] Auckland Univ Technol, Dept Econ, Auckland, New Zealand
[2] Univ Western Sydney, Sch Econ, Sydney, NSW, Australia
来源：
APPLIED ECONOMICS | 2013年 / 45卷 / 14期
关键词：
demand for money; Pedroni method; financial reforms; Westerlund method; UNIT-ROOT TESTS; TRANSACTIONS DEMAND; COINTEGRATION; PRICES;
D O I：
10.1080/00036846.2011.637897
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Time series panel data estimation methods are used to estimate the cointegrating equations for the demand for money (M1) for a panel of 11 Organization for Economic Cooperation and Development (OECD) countries for which consistent quarterly data are available. The effects of financial reforms are analysed with structural break tests and estimates for alternative sub-samples. Our results for the post-reform sub-samples show that the income elasticity of the demand for money has decreased and response to interest rate changes has increased.
引用
收藏
页码：1767 / 1776
页数：10
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