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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
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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 

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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.

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