Aggregate Money Demand Functions

Name: Aggregate Money Demand Functions
Brand: Springer
SKU: 9789401073080
Price: 2567 CZK
Availability: InStock

Empirical Applications in Cointegrated Systems

Autor: Dennis L. Hoffman, Robert H. Rasche

Jazyk:

Vazba: Brožovaná

Vydavatel: Springer

Dostupnost: Skladem u dodavatele v malém množství

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The econometric consequences of nonstationary data have wide ranging im plications for empirical res...

Informace o knize

Autor

Dennis L. Hoffman, Robert H. Rasche

Jazyk

Angličtina

Vazba

Kniha - Brožovaná

Vydáno

2011

Stránek

266

EAN

9789401073080

ISBN

9401073082

Enbook ID

06961809

Vydavatel

Springer

Hmotnost

429

Rozměry

155 x 235 x 16

Kompletní popis

The econometric consequences of nonstationary data have wide ranging im plications for empirical research in economics. Specifically, these issues have implications for the study of empirical relations such as a money demand func tion that links macroeconomic aggregates: real money balances, real income and a nominal interest rate. Traditional monetary theory predicts that these nonsta tionary series form a cointegrating relation and accordingly, that the dynamics of a vector process comprised of these variables generates distinct patterns. Re cent econometric developments designed to cope with nonstationarities have changed the course of empirical research in the area, but many fundamental challenges, for example the issue of identification, remain. This book represents the efforts undertaken by the authors in recent years in an effort to determine the consequences that nonstationarity has for the study of aggregate money demand relations. We have brought together an empirical methodology that we find useful in conducting empirical research. Some of the work was undertaken during the authors' sabbatical periods and we wish to acknowledge the generous support of Arizona State University and Michigan State University respectively. Professor Hoffman wishes to acknowledge the support of the Fulbright-Hays Foundation that supported sabbattical research in Europe and separate support of the Council of 100 Summer Research Program at Arizona State University.

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Aggregate Money Demand Functions

Empirical Applications in Cointegrated Systems

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