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In Search of a Stable, Short-Run M1 Demand Function

By Yash P. Mehra

Economic Review

May/Jun, 1992

Conventional M1 demand functions reformulated using error-correction and cointegration techniques neither depict parameter stability nor satisfactorily explain short-run changes in M1. Thus, M1 remains unreliable as an indicator variable for monetary policy.

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Tim Sablik