The demand for M1 in a large macroeconomic system: evidence from cointegration analysis

Article Abstract:

The use of cointegration analysis to estimate the level and stability of a money demand relationship is addressed, focusing on the dynamics between money demand, interest rate, and real income. An economic model that tests the presence of the money, consumption, import, and investment markets is described.

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Income velocity in turbulent times: the role of institutional factors in the New Zealand experience

Article Abstract:

This article examines how the income velocity or demand of money relates to monetary policy in New Zealand, using economic data from 1981-1994. Findings suggest that a long-run velocity function should incorporate measurement of institutional change in order to effectively model the demand for money.

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Implications of Solow's growth model in the presence of a stochastic steady state

Article Abstract:

This article tests a neoclassical macroeconomic growth model that considers capital accumulation and population growth rates as stochastic variables, rather than as constants. Topics addressed include labor productivity, Solow's model, and time series cointegration.

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