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008			230906b |||||||| |||| 00| 0 eng d
022			_a13504851
040			_aMSU _cMSU _erda _bEnglish
050	0	0	_aHB1.A666 APP
100	1		_aDavis Bobby _eauthor
245	1	4	_aThe intertemporal stability of the US money demand function: _bnew evidence from switching regressions _ccreated by Bobby Davis , David Karemera and Louis Whitesides
264	1		_aNew York: _bTaylor and Francis, _c2013
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aApplied economics letters _vVolume 20, number 5
520	3		_aThe demand for money remains one of the topics most extensively studied in macroeconomics. This article contributes to the debate on the money demand stability and presents further evidence of a structural shift in the US money demand function. The switching regression technique developed by Goldfeld and Quandt (1972) shows that the US money demand function displays a gradual structural break during the 1994–1995 period. The traditional Goldfeld money demand model was estimated by the nonlinear optimization methods. Consumer and corporate interest rates were included in the model specifications. In all specifications, the results show a two-regime money demand model with a significant structural shift common to the 1994–1995 period. The study period from 1966:I to 2009:IV suggests that any identified shift is the most significant break in the series. Thus, this study demonstrates that the most significant transition from the first to the second regime is gradual rather than abrupt, as suggested by the previous studies. We believe that the cause of the gradual break may be associated with the US recession in the 1992–1993 period. This finding suggests that a two-regime demand model can be used in US money demand analysis and forecasting in future.
650			_aMoney demand _vMonetary regimes _xInterest rates
700	1		_aKaremera David _eco-author
700	1		_aWhitesides Louis _eco-author
856			_uhttps://doi.org/10.1080/13504851.2012.720006
942			_2lcc _cJA
999			_c163184 _d163184