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Working Papers

March 1983, No. 83-3

Measurement Error and a Reinterpretation of the Conventional Money Demand Regression

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It has been sixteen years since a partial adjustment model was first applied in empirical money demand studies by Chow [1996]. Since then the partial adjustment specification has become widely used, particularly in quarterly money demand studies. However, in spite of its widespread use, the theoretical rationalization for the partial adjustment specification has never been entirely satisfactory.

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Katrina Mullen (804) 697-8145

Working Papers

Measurement Error and a Reinterpretation of the Conventional Money Demand Regression

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