| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2949 |
| 来源ID | Working Paper 2949 |
| Long-run Income and Interest Elasticities of Money Demand in the United States | |
| Dennis Hoffman; Robert H. Rasche | |
| 发表日期 | 1989-04-01 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | This study investigates the stability of long-run log-linear demand functions for narrowly defined monetary aggregates (M1, Monetary Base) in the U.S. during the post World War II period. The hypotheses that the individual time series which appear in such equations (real M1, real Monetary Base, real Personal Income and short-term and long-term nominal interest rates) all have unit roots cannot be rejected. The primary conclusion of this study is that with proper attention to the time series properties of the available data, there exists strong evidence in support of a stable equilibrium demand function for real balances in the post-World War II U.S. economy. The hypothesis of a unitary equilibrium real income elasticity (a velocity function) cannot be rejected. Further, the estimates of equilibrium interest elasticities are approximately -.5 to -.6 for real M1 and -.4 to -.5 for real monetary base. The estimated interest elasticities are significantly different statistically depending on whether long- term or short-term interest rates are used, but the observed differences in these estimates are not of economic significance. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w2949 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560219 |
| 推荐引用方式 GB/T 7714 | Dennis Hoffman,Robert H. Rasche. Long-run Income and Interest Elasticities of Money Demand in the United States. 1989. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2949.pdf（227KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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