Hidden Bibliographic Details
| Other authors / contributors: | Oh, Seonghwan.
International Monetary Fund.
IMF Institute.
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| ISBN: | 1282050842
9781282050846
1462321593
9781462321599
1452757240
9781452757247
9786613798299
6613798290
1451904916
9781451904918
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| Notes: | Includes bibliographical references (pages 28-31).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | The conventional money demand literature has treated the money supply as exogenously given. It is well known, however, that some endogeneity of the money supply arises due to financial innovations and endogenous monetary policy. Dotsey (1984) shows empirically and Ireland (1992) shows theoretically that financial innovations affect money demand. On the other hand, Laidler (1993, p. 187) insightfully suggests that considerable turbulence in the conduct of monetary policy may have affected the stability of money demand since the 1970s. Endogeneity of the money supply renders the conventional money demand function misspecified (e.g., Cogley, 1993) and, indeed, may have been the primary cause of money demand instability during the past two decades as shown in Goldfeld and Sichel(1990).
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| Other form: | Print version: Choi, Woon Gyu, 1960- Endogenous money supply and money demand. [Washington, D.C.] : International Monetary Fund, IMF Institute, ©2000
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