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Economic Review

May/Jun, 1991

An Error-Correction Model of U.S. M2 Demand

An error-correction model is used to study the long- and short-run determinants of U.S. demand for M2. The money demand function presented here exhibits parameter stability and predicts quite well the actual behavior of M2 growth in the 1980s.

David A. Price (804) 697-8018