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The Problem of Identification of the Money Demand Function

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  • Bischoff, Charles W
  • Belay, Halefom

Abstract

Cooley and LeRoy (1981) have argued that if random shifts in money demand are at least partially accommodated by the Federal Reserve, then there is no obvious way to identify the money demand function for the purposes of estimation. We argue that this is not correct, and that identification is in fact straightforward, provided that the monetary authority reacts to at least one variable not in the money demand function. If the monetary authority looks at "everything" in making its policy, this condition is likely to be fulfilled.

Suggested Citation

  • Bischoff, Charles W & Belay, Halefom, 2001. "The Problem of Identification of the Money Demand Function," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(2), pages 205-215, May.
    • Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:205-15
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    Cited by:

    1. Kai Carstensen & Jan Hagen & Oliver Hossfeld & Abelardo Salazar Neaves, 2009. "Money Demand Stability And Inflation Prediction In The Four Largest Emu Countries," Scottish Journal of Political Economy, Scottish Economic Society, vol. 56(1), pages 73-93, February.
    2. Ahmed, Mansur, 2007. "Cointegration, Error Correction and the Demand for Money in Bangladesh," MPRA Paper 21026, University Library of Munich, Germany, revised 10 Jul 2009.

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