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  • 1
    Electronic Resource
    Electronic Resource
    Empirical modeling of money demand (1998)
    Springer
    Empirical economics 23 (1998), S. 295-315 
    Details
    ISSN: 1435-8921
    Keywords: Cointegration ; exogeneity ; financial innovation ; money demand ; parameter constancy ; E41 ; E52
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper examines several central issues in the empirical modeling of money demand. These issues include economic theory, data measurement, parameter constancy, the opportunity cost of holding money, cointegration, model specification, exogeneity, and inferences for policy. Review of these issues at a general level is paralleled by discussion of specific empirical applications, including some new results on the demand for narrow money in the United Kingdom.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01294409
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    Paper (German National Licenses)
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  • 2
    Electronic Resource
    Electronic Resource
    Broad money demand and financial liberalization in Greece (1998)
    Springer
    Empirical economics 23 (1998), S. 417-436 
    Details
    ISSN: 1435-8921
    Keywords: Key words: Cointegration ; equilibrium correction ; financial innovation ; Greece ; money demand ; JEL classification: E41 ; E5
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract: This paper develops a constant, data-coherent, equilibrium correction model for broad money demand (M3) in Greece over 1976–1994. The aggregate M3 was targeted until recently, and current monetary policy still uses such aggregates as guidelines. In spite of financial innovation, financial liberalization, and large fluctuations in the inflation rate, the estimated model is remarkably stable. Dynamics are important, with price and income elasticities being much smaller in the short run than in the long run. The model provides a better understanding of the portfolio consequences of financial innovation and the effects of monetary policy in Greece.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001810050029
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    Paper (German National Licenses)
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  • 3
    Electronic Resource
    Electronic Resource
    Encompassing and rational expectations: How sequential corroboration can imply refutation (1999)
    Springer
    Empirical economics 24 (1999), S. 1-21 
    Details
    ISSN: 1435-8921
    Keywords: Key words: Conditional models ; congruence ; corroboration ; encompassing ; feedback ; feedforward ; Lucas critique ; rational expectations ; refutation ; statistical inference ; JEL classifications: C52 ; E13
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. Even though pieces of empirical evidence individually may corroborate an economic theory, their joint existence may refute that same theory. Testing of rational expectations models provides a concrete illustration of this principle. Surprisingly, empirical refutation of a rational expectations model may occur without having to estimate that model, and the refutation may be for a large class of expectations-based models and not just for a particular model specification. Narrow money demand in the United Kingdom illustrates such refutation. The general proposition concerning corroboration and refutation strongly favors the building of empirical models that are consistent with all available evidence.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001810050041
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    Paper (German National Licenses)
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  • 4
    Electronic Resource
    Electronic Resource
    Friedman and Schwartz (1982) revisited: Assessing annual and phase-average models of money demand in the United Kingdom (1998)
    Springer
    Empirical economics 23 (1998), S. 401-415 
    Details
    ISSN: 1435-8921
    Keywords: Key words: constancy ; encompassing ; Friedman and Schwartz ; money demand ; phase averaging ; JEL classification: E41 ; C52
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract: Several studies have developed empirical models of U.K. money demand using the century of annual and phase-average data in Friedman and Schwartz (1982). The current paper evaluates key models from those studies, employing tests of constancy and encompassing. The evidence strongly favors an annual model from Ericsson, Hendry, and Prestwich (1998a), whereas models based on the phase-average data fare poorly.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01294415
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    Paper (German National Licenses)
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  • 5
    Electronic Resource
    Electronic Resource
    Empirical modeling of money demand (1998)
    Springer
    Empirical economics 23 (1998), S. 295-315 
    Details
    ISSN: 1435-8921
    Keywords: Key words: Cointegration ; exogeneity ; financial innovation ; money demand ; parameter constancy ; JEL classification: E41 ; E52
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. This paper examines several central issues in the empirical modeling of money demand. These issues include economic theory, data measurement, parameter constancy, the opportunity cost of holding money, cointegration, model specification, exogeneity, and inferences for policy. Review of these issues at a general level is paralleled by discussion of specific empirical applications, including some new results on the demand for narrow money in the United Kingdom.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001810050022
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    Paper (German National Licenses)
    Fulltext
  • 6
    Electronic Resource
    Electronic Resource
    Friedman and Schwartz (1982) revisited: Assessing annual and phase-average models of money demand in the United Kingdom (1998)
    Springer
    Empirical economics 23 (1998), S. 401-415 
    Details
    ISSN: 1435-8921
    Keywords: constancy ; encompassing ; Friedman and Schwartz ; money demand ; phase averaging ; E41 ; C52
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Several studies have developed empirical models of U.K. mondy demand using the century of annual and phase-average data in Friedman and Schwartz (1982). The current paper evaluates key models from those studies, employing tests of constancy and encompassing. The evidence strongly favors an annual model from Ericsson, Hendry, and Prestwich (1998a), whereas models based on the phase-average data fare poorly.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01294415
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    Paper (German National Licenses)
    Fulltext
  • 7
    Electronic Resource
    Electronic Resource
    Broad money demand and financial liberalization in Greece (1998)
    Springer
    Empirical economics 23 (1998), S. 417-436 
    Details
    ISSN: 1435-8921
    Keywords: Cointegration ; equilibrium correction ; financial innovation ; Greece ; money demand ; E41 ; E5
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper develops a constant, data-coherent, equilibrium correction model for broad money demand (M3) in Greece over 1976–1994. The aggregate M3 was targeteduntil recently, and current monetary policy still uses such aggregates as guidelines. In spite of financial innovation, financial liberalization, and large fluctuations in the inflation rate, the estimated model is remarkabli stable. Dynamics are important, with price and income elasticities being much smaller in the short run than in the long run. The model provides a better understanding of the portfolio consequences of financial innovation and the effects of monetary policy in Greece.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01294416
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    Paper (German National Licenses)
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  • 8
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    Testing for and estimating structural breaks and other nonlinearities in a dynamic monetary sector (2016)
    De Gruyter
    Details
    Publication Date: 2016-01-01
    Description: Milton Friedman and Anna Schwartz constructed an important macroeconomic dataset for the United Kingdom that spans 1878–1970. Numerous authors have modeled the demand for broad money on that dataset. Model selection is central to assessing the merits of the resulting empirical models, so the current paper re-evaluates that issue with
    Print ISSN: 1081-1826
    Electronic ISSN: 1558-3708
    Topics: Mathematics , Economics
    Published by De Gruyter
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