A Note on Modelling Money Demand in Growing Economies

Parantap Basu and Kevin Salyer ()

Bulletin of Economic Research, 2001, vol. 53, issue 1, 53-60

Abstract: A prominent feature of US data is the lack of cointegration between nominal interest rates and M1 velocity. Yet, most general-equilibrium monetary models that have been used for empirical analysis have imposed cointegration between these two series. This paper presents as an alternative a money-in-the-utility function model that does not imply cointegration even though a well-defined stationary monetary equilibrium exists. Copyright 2001 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Date: 2001
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