Conventional M1 demand functions reformulated using error-correction and cointegration techniques neither depict parameter stability nor satisfactorily explain short-run changes in M1. Thus, M1 remains unreliable as an indicator variable for monetary policy.Money supply

Yash P. Mehra

English

Research Papers in Economics

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In search of a stable, short-run M1 demand function

http://www.richmondfed.org/publications/research/economic_review/1992/pdf/er780302.pdf

In search of a stable, short-run M1 demand function

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