Among the many troublesome econometric relationships, the demand for money has proved especially recalcitrant, as evidenced by a long history of tinkering with basic specifications, always in response to some recent perceived forecast failure. The shortcomings of this approach and an alternative...

The Asymptotically Ideal Model (AIM), first estimated by Barnett and Yue (1998), based on the Muntz-Szatz series expansion as described by Barnett and Jonas (1983) is used to estimate money demand using quarterly US data from 1960 to the first quarter of 2004. We find that monetary assets are...

Mit dem Übergang zu einer gemeinsamen Währung in Europa stellt sich die Frage, ob die Europäische Zentralbank eine Politik der Geldmengensteuerung betreiben kann. Dies erfordert die Existenz einer stabilen Geldnachfragefunktion na¤ch dem Übergang zu einer Europäischen Währungsunion. In...