| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2772 |
| DP2772 Trade, FDI and Unions | |
| David R Collie; Hylke Vandenbussche | |
| 发表日期 | 2001-04-24 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | We estimate scale elasticities in firms' money demand using panel data. Our main data set is a sample of Spanish companies observed over 1983-96. We also analyse comparable UK and US data sets. We find that the errors in money demand equations contain two terms correlated with sales: first, a permanent firm effect capturing differences in managerial efficiency, efficiency wages, technological sophistication; second, a measurement error in sales, probably because cash holdings are end-of-period whereas sales are annual measures. We show that failure to control for them results in important biases. Sales elasticity estimates for Spain increase substantially jointly considering correlated fixed effects and measurement error. Additionally, our estimates indicate declining sales elasticity from mid-1980s to mid-1990s, a period of increasing financial innovations. This suggests that financial innovations reduce money demand mainly by reducing the sales elasticity. We also estimate interest rate elasticities using both aggregate and firm specific rates. |
| 主题 | International Macroeconomics |
| 关键词 | Firms' money demand Measurement error Panel data Technological change |
| URL | https://cepr.org/publications/dp2772 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531831 |
| 推荐引用方式 GB/T 7714 | David R Collie,Hylke Vandenbussche. DP2772 Trade, FDI and Unions. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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