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The Changing Empirical Definition of Money: Some Estimates from a Model of the Demand for Money Substitutes

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  • Belongia, Michael T
  • Chalfant, James A
Abstract
Interest-bearing checkable deposits are examined to test whether they should be included in measures of the U.S. money stock. Both Divisia and traditional simple-sum aggregates are constructed on the basis of tests for weak separability in a model of the demand for financial assets. Using nonparametric demand analysis, the authors find that several groups of assets are compatible with aggregation theory. They find empirical support for a narrow measure consisting of the components of current M1A. In tests based on a St. Louis equation and in terms of controllability, a Divisia aggregate performs better than the simple-sum M1A measure. Copyright 1989 by University of Chicago Press.

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  • Belongia, Michael T & Chalfant, James A, 1989. "The Changing Empirical Definition of Money: Some Estimates from a Model of the Demand for Money Substitutes," Journal of Political Economy, University of Chicago Press, vol. 97(2), pages 387-397, April.
    • Handle: RePEc:ucp:jpolec:v:97:y:1989:i:2:p:387-97
    DOI: 10.1086/261608
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