The demand for the components of broad money: error-correction and generalized asset adjustment sytems
作者： G. C. Lim
DOI: 10.1080/00036849300000079
关键词: Broad money 、 Demand deposit 、 Financial transaction 、 Endogenous money 、 Economics 、 Open market operation 、 Money measurement concept 、 Monetary economics 、 Capital asset pricing model 、 Velocity of money
摘要: The distinction between bank and non-bank deposits have been blurred over the last decade this has led to changes in demand for various types of monetary aggregates. Thus, money studies which focus only on one aggregate like M3 (currency plus deposits) without allowing altered nature asset substitutions may lead wrong inferences about cause growth money. This paper is concerned with interactions components broad (currency, long short run. long-run equations are specified encompass transaction portfolio motives demanding money, while short-run adjustment derived from an underlying dynamic cost-minimizing model. model error-correction form and, under certain assumptions, shown nest generalized form. applied case Australia using both quarterly and...
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