| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12356 |
| DP12356 Long-run Money Demand in Switzerland | |
| Stefan Gerlach | |
| 发表日期 | 2017-10-06 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper studies long-run demand functions for Swiss M1 and M3, using annual data spanning the period 1907-2016. While the demand functions display plausible price and income elasticities, tests for structural breaks at unknown points in time detect instability in 1929 for real M1 and 1943 for real M3. This instability appears to arise from the way in which the opportunity cost is modelled. While using a single interest rate may be appropriate for M1, for M3 it would likely be helpful to take into consideration both the own return and the return on non-monetary assets. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Switzerland Money demand Cointegration Opportunity cost |
| URL | https://cepr.org/publications/dp12356 |
| 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/541166 |
| 推荐引用方式 GB/T 7714 | Stefan Gerlach. DP12356 Long-run Money Demand in Switzerland. 2017. |
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