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Economic Review

May/Jun, 1992

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

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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Lisa Davis (804) 697-8179

Economic Review

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

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