1970年代の米国貨幣需要関数

概要

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In 1973, Goldfeld published an intensive study on the U.S. money-demand function for the post-World War 2 period. In this paper, he claimed that the simply specified money-demand function had perfumed very well over the sample period, especially the functional relationship had been quite stable. However, right after his paper was published, we began to observe that the U.S. money-demand function with the Golgfeld specification, continuously ''over'' predicts the actual money demand. Since then, we have been looking for a stable U.S. money-demand function, but we haven't gotten an acceptable one, yet. To make the story more complicated, the Federal Reserve Bord changed the definition of moetary aggregates in Fedruary 1980.
長岡技術科学大学の論文
1984-01-31