Baba, Yoshihisa; Hendry, David F; Starr, Ross M - In: Review of Economic Studies 59 (1992) 1, pp. 25-61
Estimated U.S. M1 demand functions appear unstable, regularly "breaking down," over 1960-88 (e.g., missing money, great velocity decline, M1-explosion). The authors propose a money demand function whose arguments include inflation, real income, long-term bond yield and risk, T-bill interest...
