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International Evidence on Long Run Money Demand

Luca Benati (), Robert Lucas, Juan Pablo Nicolini () and Warren Weber

Working Papers from eSocialSciences

Abstract: This paper explores the long-run demand for M1 based on a dataset comprising 31 countries since 1851. In many cases, co integration tests identify a long-run equilibrium relationship between either velocity and the short rate, or M1, GDP, and the short rate. Evidence is especially strong for the United States and the United Kingdom over the entire period since World War I, and for high-inflation countries such as Israel. For low-inflation countries the data often, prefer the specification in the levels of velocity and the short rate originally estimated by Selden (1956) and Latané (1960) to either the log-log, or the semi-log ones. This is especially clear for the United States. [Working Paper 22475]

Keywords: M1; long-run equilibrium relationship; United States; United Kingdom; World War I; Israel (search for similar items in EconPapers)
Date: 2016-08
Note: Institutional Papers
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Related works:
Working Paper: International Evidence on Long-Run Money Demand (2019) Downloads
Working Paper: International Evidence on Long-Run Money Demand (2017) Downloads
Working Paper: International Evidence on Long Run Money Demand (2017) Downloads
Working Paper: International Evidence on Long Run Money Demand (2016) Downloads
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