Article1988

THE DEMAND FOR M 1: A FORWARD LOOKING BUFFER STOCK MODEL

96 citations0/0 files storedOxford Economic Papers

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

A forward looking model of the demand for M 1 based on minimising multi-period quadratic costs is derived. The dynamic response of the demand for money differs depending on whether shocks are anticipated or unanticipated. The restrictions implicit in the forward model are tested and the model is compared with a conventional ADL backward looking model.

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References

1976Econometric policy evaluation: A critique 1966A Model of the Demand for Money by Firms 1978Unanticipated Money, Output, and the Price Level in the United States 1980Econometric Implications of the Rational Expectations Hypothesis 1982The Search for a Stable Money Demand Function: A Survey Of the Post-1973 Literature 1984Monetary Theory and Practice 1976Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent of Innovations in Measures of Monetary and Fiscal Policy?1984The `Buffer Stock Notion in Monetary Economics

Cited by

1999Survey of Literature on Demand for Money 1991Financial Liberalization, Money Demand, and Monetary Policy in Asian Countries 1990Money demand, expectations, and the forward-looking model 1999Adjustment costs and nonlinear dynamics in the demand for money: Italy, 1861-1991 1989Wealth, Financial Liberalization, and the Demand for Money in Japan 1994The linear quadratic adjustment cost model and the demand for labour 1999Empirical modeling of money demand 1990Modeling money demand in large industrial countries: Buffer stock and error correction approaches

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