Alternative Models of Buffer Stock Money: An Empirical Investigation

Vito Muscatelli

Scottish Journal of Political Economy, 1988, vol. 35, issue 1, 1-21

Abstract: This paper contrasts traditional costs-of-adjustment models of the demand for money with alternative models w hich take into account private agents' saving behavior. In the presen ce of saving flows, the dynamic structure of forward-looking demand f or money functions is altered, and the author shows that there is som e evidence to support his alternative approach. However, the reported estimates seem to cast some doubt on the usefulness of estimating fo rward-looking models. The author also argues that the structure of fo rward-looking models may be unduly restrictive when compared to backw ard-looking models. Copyright 1988 by Scottish Economic Society.

Date: 1988
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Scottish Journal of Political Economy is currently edited by Tim Barmby, Andrew Hughes-Hallett and Campbell Leith

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