Cointegration, Error Correction Models and Forecasting: The U.K. Demand for Money
We analyze the ability of recent methods proposed for the specification and estimation of relationships among nonstationary variables, to overcome the traditional instability of empirical money demand functions. We use a 1964-1982 sample for the UK which has been widely used in the literature. The f...
| Autores: | , |
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| Tipo de recurso: | informe técnico |
| Fecha de publicación: | 1995 |
| País: | España |
| Institución: | Universidad Complutense de Madrid (UCM) |
| Repositorio: | Docta Complutense |
| Idioma: | inglés |
| OAI Identifier: | oai:docta.ucm.es:20.500.14352/64164 |
| Acceso en línea: | https://hdl.handle.net/20.500.14352/64164 |
| Access Level: | acceso abierto |
| Palabra clave: | inestabilidad demanda de dinero. Dinero Econometría (Economía) 5304.06 Dinero y Operaciones Bancarias 5302 Econometría |
| Sumario: | We analyze the ability of recent methods proposed for the specification and estimation of relationships among nonstationary variables, to overcome the traditional instability of empirical money demand functions. We use a 1964-1982 sample for the UK which has been widely used in the literature. The forecasting ability of the resulting model is then compared with that of alternative, reduced form specifications. |
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