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International Evidence on Long Run Money Demand

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

No 1154, 2017 Meeting Papers from Society for Economic Dynamics

Abstract: We explore the long-run demand for M1 based on a data set that has comprised 32 countries since 1851. In many cases, cointegration 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 moderate and high-inflation countries. With the exception of high-inflation countries–for which a “log-log” specification is preferred–the data often prefer the specification in the levels of velocity and the short rate originally estimated by Selden (1956) and Latané (1960). This is especially clear for the United States and other low-inflation countries.

New Economics Papers: this item is included in nep-his, nep-mac and nep-mon
Date: 2017
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https://economicdynamics.org/meetpapers/2017/paper_1154.pdf (application/pdf)

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 (2016) Downloads
Working Paper: International Evidence on Long Run Money Demand (2016) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed017:1154

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More papers in 2017 Meeting Papers from Society for Economic Dynamics Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA. Contact information at EDIRC.
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