Dutkowsky, Donald H; Cynamon, Barry Z - In: Journal of Money, Credit and Banking 35 (2003) 2, pp. 263-79
This paper investigates the effect of sweep programs on M1 using dynamic simulations of money demand over 1994-2000. The postsample period constitutes when sweep programs have been in effect. All models generate predictions systematically above reported M1. Using data on newly initiated...