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JOURNAL OF ACCOUNTING AND FINANCE
Short-Run and Long-Run Money Demand: Recent Evidence
Author(s): Bharat R. Kolluri, Rao Singamsetti, Mahmoud Wahab
Citation: Bharat R. Kolluri, Rao Singamsetti, Mahmoud Wahab, (2012) "Short-Run and Long-Run Money Demand: Recent Evidence," Vol. 12, Iss. 3, pp. 91 - 103
Article Type: Research paper
Publisher: North American Business Press
Abstract:
The role of money and the demand for money continues to be, in principle, a prominent topic of interest in the conduct of monetary policy in the US economy. An attempt is made in this paper to estimate a money demand function with national income and interest rates assumed to be primary drivers of aggregate demand for money. A test of mean-stationarity of estimated coefficients of the money demand function is conducted to determine whether or not the coefficients exhibit mean-stationarity in levels and in first differences. We present the short-run as well as the long-term elasticity estimates for income and nominal interest rate for the US economy using quarterly time series data going back from the mid fifties to the present.
