Money demand: A simple look at some data
In this paper, I offer a non-technical summary of recent research that focuses on the stability properties of real money demand. I first describe a simple workhorse model that serves as a conceptual framework for organizing the data and guiding the empirical analysis. Then, by using simple plots, I argue that the implications of the simple theory are remarkably robust over time. I do this for some developed economies with a history of relatively low inflation and for two developing economies that experienced severe hyper- inflation. Finally, we point toward several failures in this research and discuss avenues for future work.
Year of publication: |
2017
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Authors: | Nicolini, Juan Pablo |
Published in: |
Aussenwirtschaft. - St.Gallen : Universität St.Gallen, Schweizerisches Institut für Aussenwirtschaft und Angewandte Wirtschaftsforschung (SIAW-HSG), ISSN 0004-8216. - Vol. 68.2017, 1, p. 29-49
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Publisher: |
St.Gallen : Universität St.Gallen, Schweizerisches Institut für Aussenwirtschaft und Angewandte Wirtschaftsforschung (SIAW-HSG) |
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