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

By Yash P. Mehra

Economic Review

May/Jun, 1991

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.

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Tim Sablik