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Money Demand Revisited: An Operational Subjective Approach

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  • Blattenberger, Gail

Abstract

This paper proposes a method of data analysis founded on the philosophy and understanding of uncertain knowledge developed by Bruno de Finetti. Specifically, the paper investigates the informational content of interest rates for the prediction of M1. This empirical application replicates that of Cooley and Leroy (1981) and McAleer, Pagan, and Volker (1985), but the procedures and their interpretation follow the operational subjective approach. The issue of an autocorrelated error structure is recast in the operational subjective context. Methods are developed to assess the interest sensitivity of the demand for money in this context. Copyright 1996 by John Wiley & Sons, Ltd.

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  • Blattenberger, Gail, 1996. "Money Demand Revisited: An Operational Subjective Approach," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(2), pages 153-168, March-Apr.
    • Handle: RePEc:jae:japmet:v:11:y:1996:i:2:p:153-68
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    Cited by:

    1. R. Winkler & Javier Muñoz & José Cervera & José Bernardo & Gail Blattenberger & Joseph Kadane & Dennis Lindley & Allan Murphy & Robert Oliver & David Ríos-Insua, 1996. "Scoring rules and the evaluation of probabilities," TEST: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 5(1), pages 1-60, June.

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