The Demand for M1 in the United States : A Commenton Baba, Hendry, and Starr /

A recent paper by Baba, Hendry, and Starr presents an error-correction model of the demand for M1 in the United States, which shows a dramatic improvement in both fit and stability over earlier models. This note estimates an alternative model with the same data set and draws two conclusions: that th...

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التفاصيل البيبلوغرافية
المؤلف الرئيسي: Boughton, James
التنسيق: دورية
اللغة:English
منشور في: Washington, D.C. : International Monetary Fund, 1993.
سلاسل:IMF Working Papers; Working Paper ; No. 1993/024
الموضوعات:
الوصول للمادة أونلاين:Full text available on IMF
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500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
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520 3 |a A recent paper by Baba, Hendry, and Starr presents an error-correction model of the demand for M1 in the United States, which shows a dramatic improvement in both fit and stability over earlier models. This note estimates an alternative model with the same data set and draws two conclusions: that the improvements are due more to the use of complex dynamics than to the introduction of variables representing financial innovation, and that some of the economic properties are not robust with respect to minor changes in specification. 
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651 7 |a United States  |2 imf 
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