- 著者
- TSUNEMASA SHIBA
- 出版者
- JAPANESE ECONOMIC ASSOCIATION
- 雑誌
- The Economic Studies Quarterly (ISSN:0557109X)
- 巻号頁・発行日
- vol.42, no.3, pp.254-274, 1991-09-20 (Released:2007-10-19)
- 参考文献数
- 64
Using a battery of specification error tests, I find several regime shifts in the Japanese money demand since early 1960's to the present in both M1 and M2CD. I conclude that the real partial adjustment model a la Goldfeld with appropriate interest rate variable, to be solid in terms of sign conditions, significance of estimated coefficients and tests of misspecifications. Estimated M2CD function displays a remarkably solid forecasting ability, and it tracks the rapid growth of Marshallian K2 after 1986.