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  • 标题:The M2 Demand in Japan: Shifted and Unstable?
  • 本地全文:下载
  • 作者:Tomoo Yoshida ; Robert H. Rasche
  • 期刊名称:Monetary and Economic Studies
  • 印刷版ISSN:0288-8432
  • 出版年度:1990
  • 卷号:8
  • 期号:2
  • 出版社:Bank of Japan, Institute for Monetary and Economic Studies
  • 摘要:

    This paper investigates the stability of M2 demand in Japan using the statistical technique recently developed by Johansen (1988) and Johansen and Juselius (1989). Long-run equilibrium money demand function is identified and estimated along with the fourvariable vector error correction model (VECM). The results strongly suggests that the function shifted upwards - while leaving the income elasticity unchanged - in mid-1985, when the interest rates on large time deposits were deregulated.

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