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- W2024360983 abstract "This paper provides further evidence on the Carr-Darby-Thornton (CDT) “shock absorber” approach in which a conventional demand-for-money function, augmented with unanticipated money supply shocks, is characterized as a price equation. The parameter restrictions implied by this model are jointly tested using New Zealand data. Unlike previous studies, the approach adopted does not require the “price” equation to be a true reduced form. The sensitivity of the test results to the assumption of exogeneity of income and interest rates is examined. The results obtained strongly reject the restrictions embodied in the CDT approach." @default.
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- W2024360983 date "1992-12-01" @default.
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- W2024360983 title "Monetary anticipations and the demand for money: Further tests of shock-absorber price equations" @default.
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- W2024360983 doi "https://doi.org/10.1016/0164-0704(92)90014-y" @default.
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