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- W2326371122 abstract "of monetary policy, an investigation of the stability over time of the basic parameters included in the liquidity functions of this sector is essential to an analysis of the effectiveness of the monetary policy. The investigation of the stability of the demand for money functions is undertaken using the recently developed varying parameter technique by Cooley and Prescott [3; 4; 5]. This technique is based on the premise that the parameter vector in an econometric relationship may be subject to sequential variation over time due to structural changes, specification errors, problems of aggregation, or institutional change. These factors may cause transitory or shifts in the function. An econometric relationship is defined as stable if the parameters are not subject to permanent changes over time. In contrast to other estimation procedures for testing whether the parameters in a regression are constant over time, namely, the use of an F-test or dummy variables, the technique used in this paper has the advantage that it does not require any prior knowledge of the point in time when shifts in the parameters of the equation are suspected. The analysis uses the United States Flowof-Funds Data for the period 1953-I to 1975II. The major conclusions of the paper are: (a) that the demand function for money, M1 (defined to include currency plus demand deposits) is unstable; (b) that a stable demand function does exist if M1 is replaced by a liquid asset variable and (c) that there are economies of scale in the holding of liquid assets." @default.
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- W2326371122 date "1977-10-01" @default.
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- W2326371122 title "Liquidity Functions for the United States Manufacturing Corporations" @default.
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- W2326371122 doi "https://doi.org/10.2307/1057580" @default.
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