Results of a study of the stability of cointegrating relations comprised of broad monetary aggregates
We find strong evidence of a stable `money demand’ relationship for MZM and M2M through the 1990s. Though the M2 relation breaks down somewhere around 1990, evidence has been accumulating that the disturbance is well characterized as a permanent upward shift in M2 velocity, which began around 1990 a...
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| Veröffentlicht in: | Journal of monetary economics 2000-10, Vol.46 (2), p.345-383 |
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| container_end_page | 383 |
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| container_title | Journal of monetary economics |
| container_volume | 46 |
| creator | Carlson, John B Hoffman, Dennis L Keen, Benjamin D Rasche, Robert H |
| description | We find strong evidence of a stable `money demand’ relationship for
MZM and
M2M through the 1990s. Though the
M2 relation breaks down somewhere around 1990, evidence has been accumulating that the disturbance is well characterized as a permanent upward shift in
M2 velocity, which began around 1990 and was largely over by 1994. Taken together, our results support the hypothesis that households permanently reallocated a portion of their wealth from time deposits to mutual funds. Although this reallocation may have been induced by depository restructuring, we argue that the substitution could be explained by appropriately measured opportunity cost. |
| doi_str_mv | 10.1016/S0304-3932(00)00029-5 |
| format | Article |
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MZM and
M2M through the 1990s. Though the
M2 relation breaks down somewhere around 1990, evidence has been accumulating that the disturbance is well characterized as a permanent upward shift in
M2 velocity, which began around 1990 and was largely over by 1994. Taken together, our results support the hypothesis that households permanently reallocated a portion of their wealth from time deposits to mutual funds. Although this reallocation may have been induced by depository restructuring, we argue that the substitution could be explained by appropriately measured opportunity cost.</description><identifier>ISSN: 0304-3932</identifier><identifier>EISSN: 1873-1295</identifier><identifier>DOI: 10.1016/S0304-3932(00)00029-5</identifier><identifier>CODEN: JMOEDW</identifier><language>eng</language><publisher>Amsterdam: Elsevier B.V</publisher><subject>Demand ; Demand for money ; Economic theory ; Households ; Investment trusts ; Monetary aggregates ; Monetary economics ; Monetary policy ; Money ; Money demand ; Statistics ; Studies ; VECM</subject><ispartof>Journal of monetary economics, 2000-10, Vol.46 (2), p.345-383</ispartof><rights>2000 Elsevier Science B.V.</rights><rights>Copyright Elsevier Sequoia S.A. Oct 2000</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c491t-a33df4b5a9b41b1adc90588a40015d6c1db13381c707c2743c395a683fb60fe83</citedby><cites>FETCH-LOGICAL-c491t-a33df4b5a9b41b1adc90588a40015d6c1db13381c707c2743c395a683fb60fe83</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://dx.doi.org/10.1016/S0304-3932(00)00029-5$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>315,782,786,3554,4012,27878,27933,27934,46004</link.rule.ids><backlink>$$Uhttp://econpapers.repec.org/article/eeemoneco/v_3a46_3ay_3a2000_3ai_3a2_3ap_3a345-383.htm$$DView record in RePEc$$Hfree_for_read</backlink></links><search><creatorcontrib>Carlson, John B</creatorcontrib><creatorcontrib>Hoffman, Dennis L</creatorcontrib><creatorcontrib>Keen, Benjamin D</creatorcontrib><creatorcontrib>Rasche, Robert H</creatorcontrib><title>Results of a study of the stability of cointegrating relations comprised of broad monetary aggregates</title><title>Journal of monetary economics</title><description>We find strong evidence of a stable `money demand’ relationship for
MZM and
M2M through the 1990s. Though the
M2 relation breaks down somewhere around 1990, evidence has been accumulating that the disturbance is well characterized as a permanent upward shift in
M2 velocity, which began around 1990 and was largely over by 1994. Taken together, our results support the hypothesis that households permanently reallocated a portion of their wealth from time deposits to mutual funds. Although this reallocation may have been induced by depository restructuring, we argue that the substitution could be explained by appropriately measured opportunity cost.</description><subject>Demand</subject><subject>Demand for money</subject><subject>Economic theory</subject><subject>Households</subject><subject>Investment trusts</subject><subject>Monetary aggregates</subject><subject>Monetary economics</subject><subject>Monetary policy</subject><subject>Money</subject><subject>Money demand</subject><subject>Statistics</subject><subject>Studies</subject><subject>VECM</subject><issn>0304-3932</issn><issn>1873-1295</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2000</creationdate><recordtype>article</recordtype><sourceid>X2L</sourceid><sourceid>K30</sourceid><recordid>eNqFkVuL1TAQx4O44HH1IwhFQfShbtIkbfIksnhlYcHLc0iTaTdL2xyTdOF8-52eI_sgiA-TmQy__zAXQl4w-o5R1l78oJyKmmvevKH0LaW00bV8RHZMdbxmjZaPye4BeUKe5nyLENNduyPwHfI6lVzFobJVLqs_bGG5AfzYPkyhHBMuhqXAmGwJy1glmDCIS8b8vE8hg9-gPkXrqzkuUGw6VHYcE4y2QH5GzgY7ZXj-x5-TX58-_rz8Ul9df_56-eGqdkKzUlvO_SB6aXUvWM-sd5pKpazAbqVvHfM941wx19HONZ3gjmtpW8WHvqUDKH5OXp_q7lP8vUIuZg7ZwTTZBeKaDVeadYp2CL78C7yNa1qwN9NQ2elGC4rQq39BTHGteadYi5Q8US7FnBMMBhcy4_yGUbPdxxzvY7blG0rN8T5Gou7bSZdgD-5BBADbAl00d4Zb0eJzQGtQhi5sIdoejQuJA3FzU2Ys9v5UDHC7dwGSyS7A4sCHBK4YH8N_2rkH_HawGA</recordid><startdate>20001001</startdate><enddate>20001001</enddate><creator>Carlson, John B</creator><creator>Hoffman, Dennis L</creator><creator>Keen, Benjamin D</creator><creator>Rasche, Robert H</creator><general>Elsevier B.V</general><general>Elsevier</general><general>North-Holland Pub. 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MZM and
M2M through the 1990s. Though the
M2 relation breaks down somewhere around 1990, evidence has been accumulating that the disturbance is well characterized as a permanent upward shift in
M2 velocity, which began around 1990 and was largely over by 1994. Taken together, our results support the hypothesis that households permanently reallocated a portion of their wealth from time deposits to mutual funds. Although this reallocation may have been induced by depository restructuring, we argue that the substitution could be explained by appropriately measured opportunity cost.</abstract><cop>Amsterdam</cop><pub>Elsevier B.V</pub><doi>10.1016/S0304-3932(00)00029-5</doi><tpages>39</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0304-3932 |
| ispartof | Journal of monetary economics, 2000-10, Vol.46 (2), p.345-383 |
| issn | 0304-3932 1873-1295 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_38917807 |
| source | RePEc; Periodicals Index Online; Access via ScienceDirect (Elsevier) |
| subjects | Demand Demand for money Economic theory Households Investment trusts Monetary aggregates Monetary economics Monetary policy Money Money demand Statistics Studies VECM |
| title | Results of a study of the stability of cointegrating relations comprised of broad monetary aggregates |
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