首页    期刊浏览 2024年11月08日 星期五
登录注册

文章基本信息

  • 标题:Successful replication of the article: buffer-stock money: interpreting short-run dynamics using long-run restrictions.
  • 作者:McCullough, B.D. ; Myers, Bret R.
  • 期刊名称:Indian Journal of Economics and Business
  • 印刷版ISSN:0972-5784
  • 出版年度:2007
  • 期号:December
  • 语种:English
  • 出版社:Indian Journal of Economics and Business
  • 摘要:The statistical and graphical analysis performed in this paper was executed using RATS software version 4.02. The relevant data files are located in the JMCB archive. In an initial attempt to replicate the Milbourne and Otto analysis using a more current version of RATS 6.20, there was a small error in that the data file name was in upper case. In order to replicate without error, the data file name needed to be in lower case. After this change, all the output matched up identically to the output posted by Milbourne and Otto. Thus, the analysis performed by Milbourne and Otto is validated by this successful replication.
  • 关键词:Buffer stocks;Currency stabilization

Successful replication of the article: buffer-stock money: interpreting short-run dynamics using long-run restrictions.


McCullough, B.D. ; Myers, Bret R.


In the May 1996 issue of The Journal of Money, Credit, and Banking, Ross Milbourne and Glenn Otto comment on an earlier article by W.D Lastrapes and G. Selgin entitled "Buffer-Stock Money: Interpreting Short-Run Dynamics Using Long-Run Restrictions which appeared in a the February 1994 issue of the same journal. Lastrapes and Selgin had tested the buffer-stock hypothesis that increases in the money supply engineered by the monetary authorities remain in individuals' bank accounts instead of triggering portfolio substitutions. Milbourne and Otto raise questions of Lastrapes and Selgin's bivariate vector auto-regression system in testing the buffer-stock hypothesis. Milbourne and Otto analyze data taken from the International Financial Statistics (IFS) CD-ROM database for December 1992 and present their results in the form of two graphs showing the response of real and nominal currency to a both a real shock and nominal shock, and also a table containing variance decompositions for real currency and nominal currency.

The statistical and graphical analysis performed in this paper was executed using RATS software version 4.02. The relevant data files are located in the JMCB archive. In an initial attempt to replicate the Milbourne and Otto analysis using a more current version of RATS 6.20, there was a small error in that the data file name was in upper case. In order to replicate without error, the data file name needed to be in lower case. After this change, all the output matched up identically to the output posted by Milbourne and Otto. Thus, the analysis performed by Milbourne and Otto is validated by this successful replication.

REFERENCES

Lastrapes, W.D. and G. Selgin (1994), "Buffer Stock Money: interpreting short-run dynamics using long-run restrictions," Journal of Money, Credit and Banking, 26: 34-54.

Milbourne, R. and G. Otto (1996). "Buffer Stock Money: Interpreting Short-Run Dynamics Using Long-Run Restrictions: A Comment," Journal of Money, Credit and Banking,. 28, 2: 272-278.

B. D. MCCULLOUGH & BRET R. MYERS

Drexel University
联系我们|关于我们|网站声明
国家哲学社会科学文献中心版权所有