1982

DOI: 10.7208/chicago/9780226264257.001.0001

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Monetary Trends in the United States and the United Kingdom

Milton Friedman¹,

Anna J. Schwartz²

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Loss Of Macro-economic Policy Instruments1

Efficient Iliarkets and Fundamentals1

Notes1

A Existing Studies1

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1984

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Cited by 553 publications

(72 citation statements)

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“…For X t to be I (1) both y t and q t must be I (1). By equation (1b), it is clear that q t is φ-NED on the α-mixing sequence ε qt and therefore it is I (0).…”

mentioning

confidence: 99%

Nonlinear Error Correction: The Case of Money Demand in the United Kingdom (1878–2000)

¹

2004

Macroecon. Dynam.

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This paper explores single-equation nonlinear error correction (NEC) models with linear and nonlinear cointegrated variables. Within the class of semiparametric NEC models, we use smoothing splines. Within the class of parametric models, we discuss the interesting properties of cubic polynomial NEC models and we show how they can be used to identify unknown threshold points in asymmetric models and to check the stability properties of the long-run equilibrium. A new class of rational polynomial NEC models is also introduced. We found multiple long-run money demand equilibria. The stability observed in the money-demand parameter estimates during more than a century, 1878 to 2000, is remarkable.

“…For X t to be I (1) both y t and q t must be I (1). By equation (1b), it is clear that q t is φ-NED on the α-mixing sequence ε qt and therefore it is I (0).…”

mentioning

confidence: 99%

Nonlinear Error Correction: The Case of Money Demand in the United Kingdom (1878–2000)

¹

2004

Macroecon. Dynam.

View full text Add to dashboard Cite

This paper explores single-equation nonlinear error correction (NEC) models with linear and nonlinear cointegrated variables. Within the class of semiparametric NEC models, we use smoothing splines. Within the class of parametric models, we discuss the interesting properties of cubic polynomial NEC models and we show how they can be used to identify unknown threshold points in asymmetric models and to check the stability properties of the long-run equilibrium. A new class of rational polynomial NEC models is also introduced. We found multiple long-run money demand equilibria. The stability observed in the money-demand parameter estimates during more than a century, 1878 to 2000, is remarkable.

“…Monetarist economists notably believe that there is a negative relationship between prices and output: hence low and zero inflation is an essential, or at least a very important, condition for high and sustained growth (see, for example, Friedman and Schwarz, 1982). On the basis of a cross-country analysis, Stanner (1993), however, concludes that there is no empirical evidence for this belief.…”

Section: Loss Of Macro-economic Policy Instrumentsmentioning

confidence: 91%

EMU and the Social Environment

2001

European Journal of Social Quality

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“…Similarly, "See Friedman and Schwartz (1982) Brealey and Meyers (1984), pp. 266-81;Malkiel (1981), PP.…”

Section: Efficient Iliarkets and Fundamentalsmentioning

confidence: 99%

The Great Bull Markets 1924-29 and 1982-87: Speculative Bubbles or Economic Fundamentals?

1987

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Every so often, it seems, humankind almost en masse has a compulsion to speculate, and it yields to that compulsion with abandon, -Robert T. I'atterson, The Great Boom and Panic, p xiii.

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