A TIMEWISE SPECIFICATION SENSITIVE LOOK AT MONEY DEMAND: AN ANALYSIS OF US DATA

Ismail Genc

Annals of Financial Economics (AFE), 2007, vol. 03, issue 01, 1-17

Abstract: This paper analyses the money demand relationship with a clear distinction in the functional forms of short- and long-run. It is shown that there is a long-run relationship between money and income, and that money demand declines after a certain level of income is achieved in the short-run. Demand tends to converge to its long-run levels. Credit has a negative but statistically insignificant impact on money demand.

Keywords: Nonlinearity; TAR; money demand; E410; O420; O500; O510 (search for similar items in EconPapers)
Date: 2007
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DOI: 10.1142/S2010495207500030

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