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BPEA | 1992 No. 2U. S. Money Demand: Surprising Cross-Sectional Estimates
Casey B. Mulligan and
Casey B. Mulligan
University of Chicago
Xavier Sala-I-Martin
Xavier Sala-I-Martin
Yale University
Discussants:
N. Gregory Mankiw and
N. Gregory Mankiw
Robert M. Beren Professor of Economics
- Harvard University
Julio J. Rotemberg
Casey B. Mulligan
University of Chicago
Xavier Sala-I-Martin
Yale University
N. Gregory Mankiw
Robert M. Beren Professor of Economics
- Harvard University
1992, No. 2
THE SPECIFICATION of the money demand function has important implications for a number of macroeconomic issues. First, if policymakers are to be responsible for achieving price stability, they need reliable quantitative estimates of money demand. In particular, if the money demand function is stable, the income elasticity yields the rate of money growth that is consistent with long-run price stability.