The stability of long-run money demand in five industrial countries

Article Abstract:

The constancy of long-term demand for money in the US, Japan, Canada, West Germany and the UK was studied by analyzing quarterly data on money supply from various sources and data bases dating from 1955. The estimation methodologies used were Johansen's p-dimension vector autoregression approach and Watson's cointegrating relations. For all countries studied, a significant correlation between nominal interest rates and money velocity was discovered.

United Kingdom, Canada, Economic aspects, Japan, Germany, United States economic conditions

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In search of the liquidity effect in a modern monetary model

Article Abstract:

Research on the impact of a monetary policy shock in a dynamic stochastic general equilibrium model with sticky prices and financial market frictions reveals that the above model can account for a fall in the nominal interest rate; a rise in output, consumption, and investment and a gradual increase in the price level. A detailed analysis of the model shows that the models results are dependent on parameters assigned to important factors.

United States, Science & research, Analysis, Monetary policy, Economic forecasting

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Results of a study of the stability of cointegrating relations comprised of broad monetary aggregates

Article Abstract:

Research is presented concerning the stable money demand relationship for M2M and MZM during the 1990s. The reallocation of household wealth to mutual funds from time deposits is discussed.

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