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| Author: | Ripatti, A. |
| Title: | Stability of the demand for M1 and harmonized M3 in Finland |
| Journal: | Empirical Economics
1998 : VOL. 23:3, p. 317-338 |
| Index terms: | EMPIRICAL RESEARCH ECONOMICS DEMAND |
| Language: | eng |
| Abstract: | The author derives a theoretical model for the demand for money using the adjustment cost augmented money-in-the-utility-function approach. The steady-state utility function parameters of the model of narrow money (M1) estimated with cointegration techniques are stable over the foreign exchange rate regime shift; whereas in the model of harmonized M3 (M3H) they are not stable. The theoretical model fits the M1 data. The adjustment cost parameters of the M1 model describing the dynamics of the demand for money might indicate technological improvements in banking and payment during the sample period. |
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