Empirical Modeling of Money Demand

Posted: 9 Sep 1998

See all articles by Neil R. Ericsson

Neil R. Ericsson

Board of Governors of the Federal Reserve System


This paper examines several central issues in the empirical modeling of money demand. These issues include economic theory, data measurement, parameter constancy, the opportunity cost of holding money, cointegration, model specification, exogeneity, and inferences for policy. Review of these issues at a general level is paralleled by discussion of specific empirical applications, including some new results on the demand for narrow money in the United Kingdom.

JEL Classification: E41, E52

Suggested Citation

Ericsson, Neil R., Empirical Modeling of Money Demand. Available at SSRN: https://ssrn.com/abstract=123469

Neil R. Ericsson (Contact Author)

Board of Governors of the Federal Reserve System ( email )

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