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IMF Staff Papers Logo    September 2000
Volume 47, Number 3
 
A Survey of Recent Empirical Money Demand Studies
By Subramanian S. Sriram

Full Text of this Article (PDF 99 K)

Abstract: This paper surveys a selected number of studies that evaluated the demand for money using the error-correction model approach in the 1990s across a range of industrial and developing countries. It briefly presents issues relevant to modeling and estimating the demand for money; and synthesizes information concerning variables, data period and frequency, unit root and cointegration techniques, stability tests, and findings in a tabular form. In addition, it presents estimated long-run income elasticity and elasticities or semi-elasticities for opportunity cost and other variables in a comparable framework. It aims to provide a reference tool for future research on demand for money in various countries. [JEL E41]

2001 International Monetary Fund