Buffer-Stock Models of Money Demand and the Conduct of Monetary Policy
Journal of Policy Modeling, Summer 1990
29 Pages Posted: 8 Nov 2004
Popular wisdom informs us that one of the prime victims of the American financial deregulation of the last decade has been the demand for money function. While there is some evidence that the demise of standard monetary relations has been oversold (see Rasche 1987, 1988, and Darby, Mascaro, and Marlow, 1989), it is with some trepidation that we agreed to reexamine functional forms which we helped develop in 1980.
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