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Issue 5(1), October 2010 -- Paper Abstracts
Girard  (p. 9-22)
Cooper (p. 23-32)
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Coulmas-Law (p.42-46)
Stasio (p. 47-56)
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JOURNAL OF ACCOUNTING AND FINANCE

Short-Run and Long-Run Money Demand: Recent Evidence


Author(s): Bharat R. Kolluri, Rao Singamsetti, Mahmoud Wahab

Citation: Bharat R. Kolluri, Rao Singamsetti, Mahmoud Wahab, (2012) "Short-Run and Long-Run Money Demand: Recent Evidence," Vol. 12, Iss. 3, pp. 91 - 103

Article Type: Research paper

Publisher: North American Business Press

Abstract:

The role of money and the demand for money continues to be, in principle, a prominent topic of interest in the conduct of monetary policy in the US economy. An attempt is made in this paper to estimate a money demand function with national income and interest rates assumed to be primary drivers of aggregate demand for money. A test of mean-stationarity of estimated coefficients of the money demand function is conducted to determine whether or not the coefficients exhibit mean-stationarity in levels and in first differences. We present the short-run as well as the long-term elasticity estimates for income and nominal interest rate for the US economy using quarterly time series data going back from the mid fifties to the present.