Hostname: page-component-cd9895bd7-p9bg8 Total loading time: 0 Render date: 2024-12-27T03:22:36.834Z Has data issue: false hasContentIssue false
  • English
  • Français

Some Aggregation Problems in the Estimation of Partial Adjustment Models of the Demand for Money

Published online by Cambridge University Press:  17 August 2016

J.J. Thomas
J.J. Thomas*
Affiliation:
London School of Economics
Get access

Extract

Among the different models which have been put forward to explain the demand for money one which has been widely used is the partial (or stock) adjustment model. This model defines the level of desired money holdings, at time t, Mt* as

Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 41 , Issue 2 , June 1975 , pp. 119 - 136
Copyright
Université catholique de Louvain, Institut de recherches économiques et sociales 1975 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Footnotes

*

I am grateful to Victoria Chick of University College, London, for comments which were very helpful in the revision of an earlier draft of this paper. Needless to say, the usual absolution applies.

References

Bierwag, G.O. and Grove, M.A. (1966), Aggregate Koyck Functions, Econometrica, Vol. 34, n°5, pp.828–832.10.2307/1910102Google Scholar
Brunner, K. and Meltzer, A.H. (1969), Comment on the Long-Run and Short-Run Demand for Money, Journal of Political Economy, Vol. 77, n°6, pp.1234–1243.Google Scholar
Bryan, W.R. (1967), Bank Adjustments to Monetary Policy : Alternative Estimates of the Lag, American Economic Review, Vol. 57, n°4, pp.855–864.Google Scholar
Chow, G.C. (1966), On the Long-Run and Short-Run Demand for Money, Journal of Political Economy, Vol. 74, n°2, pp.11–129.10.1086/259130Google Scholar
de Leeuw, F. (1967), The Demand for Money: Speed of Adjustment, Interest Rates, and Wealth, in Horwich, G. Money Process and Policy, Irwin, pp.167–186.Google Scholar
Feige, E.L. (1967), Expectations and Adjustments in the Monetary Sector, American Economic Review, Vol. 57, n°2, pp.462–473.Google Scholar
Fisher, D. (1968), The Demand for Money in Britain : Quarterly Results 1951-67, Manchester School, (Dec. 1968), pp.329–344.Google Scholar
Fisher, D. (1970), Real Balances and the Demand for Money, Journal of Political Economy, Vol. 78, n°6, pp.1340–1354.10.1086/259712Google Scholar
Fisher, D. (1973), Wealth Effects in a Macroeconomic Model, Paper presented at the Conference of the Association of University Teachers of Economics, Warwick.Google Scholar
Goodhart, C.A.E and Crockett, A.D.(1970), The Importance of Money, Bank of England Quarterly Bulletin, Vol. 10, n°2, pp.159–198.Google Scholar
Griliches, Z. (1967), Distributed Lags : A Survey, Econometrica, Vol. 35, n°1, pp.16–49.10.2307/1909382Google Scholar
Hamburger, M.J. (1966), The Demand for Money by Households, Money Substitutes and Monetary Policy, Journal of Political Economy, Vol. 74, n°6, pp.600–623.10.1086/259223Google Scholar
Johnson, H.G. (1967), Comment on the de Leeuw Findings on Demand for Money, in Horwich, G. Money Process and Policy, Irwin, pp.368–370.Google Scholar
Laidler, D. and Parkin, J.M. (1972), The Demand for Money in the United Kingdom, 1955-67 : Preliminary Estimates, in Johnson, H.G. Readings in British Monetary Economics, Oxford, pp.181–200.Google Scholar
Lee, T.H. (1967), Alternative Interest Rates and the Demand for Money : The Empirical Evidence, American Economic Review, Vol. 47, n°5, pp.1168–1181.Google Scholar
Motley, B. (1967), A Demand for Money Function for the Household Sector — Some Preliminary Findings, Journal of Finance, (Sep. 1967), pp.405–418.Google Scholar
Mundlak, Y. (1961), Aggregation Over Time in Distributed Lag Models, International Economic Review, Vol. (2, n°2, pp.154–163.10.2307/2525442Google Scholar
Price, L.D.D. (1972), The Demand for Money in the United Kingdom : a Further Investigation, Bank of England Quarterly Bulletin, Vol. (62, n°1, pp.43–55.Google Scholar
Sims, C.A. (1972), Money, Income and Causality, American Economic Review, Vol. (62, n°4, pp.540–552.Google Scholar
Taylor, L.D. and Wilson, T.A.(1964), Three-Pass Least-Squares : A Method for Estimating Models with a Lagged Dependent Variable, Review of Economics and Statistics, Vol. (46, n°4, pp.329–346.10.2307/1924041Google Scholar
Teigen, R.L. (1964), LERand and Supply Functions for Money in the United States : Some Structural Estimates, Econometrica, Vol. (32, n°5, pp.476–508.10.2307/1910174Google Scholar
Wallis, K.F. (1967), Lagged Dependent Variables and Serially Correlated Errors : A Reappraisal of Three-Pass Least Squares, Review of Economics and Statistics, Vol. (49, n°4, pp.555–567.10.2307/1928341Google Scholar
Zellner, A. and Montmarquette, C.(1971), A Study of Some Aspects of Temporal Aggregation Problems in Econometric Analyses, Review of Economics and Statistics, Vol. (53, n°4, pp.335–342.10.2307/1928734Google Scholar