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|c 5.00 USD
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|z 9781451955392
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Bomhoff, Eduard.
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|a Stability of Velocity in the Group of Seven Countries :
|b A Kalman Filter Approach /
|c Eduard Bomhoff.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1990.
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|a 1 online resource (34 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper estimates forecasting models using annual data for the income velocity of money in the G-7 countries. The predictions are conditional upon the realized value of the long-term domestic government bond rate. Such conditional forecasts did not deteriorate over the period 1980-1988 as compared with the earlier postwar period. Velocity of M1 is found to be very interest-elastic in almost all countries; velocity of M2 less so. The specifications (based on Kalman filters and smoothers) point to a non-constant (stochastic) trend in velocity, hence questioning the assumptions required for the cointegration techniques used in other research on the demand for money.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1990/080
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1990/080/001.1990.issue-080-en.xml
|z IMF e-Library
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