The Stability of Long-Run Money Demand in the United States: A New Approach

被引：32
|
作者：
Wang, Yiming [1 ]
Huang, Yushu [1 ]
机构：
[1] Xiamen Univ, Dept Publ Finance, Xiamen, Peoples R China
来源：
PROCEEDINGS OF THE 2009 INTERNATIONAL CONFERENCE ON PUBLIC ECONOMICS AND MANAGEMENT ICPEM 2009, VOL 2: ECONOMIC POLICIES, PLANNING AND ASSESSMENT | 2009年
关键词：
money demand; cointegration; structural change; COINTEGRATION; VECTORS;
D O I：
10.3115/1667884.1667888
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In this paper, we search for cointegration relation and determine the location of the changes in the long-run money demand in the US. We use the same data set as previous studies, but extent it through 1997. We find that there are two regime changes, 1931 and 1952 respectively. The interest semi-elasticity experience a sharp rise during 1932-1952. The income elasticity of money demand experience a sharp decrease after 1952.
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页码：18 / 21
页数：4
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