01865cas a2200265 a 4500 AALejournalIMF008403 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451843309 1018-5941 BD-DhAAL BD-DhAAL Tavlas, George. What Have We Learned About Estimating the Demand for Money? : A Multicountry Evaluation of Some New Approaches / George Tavlas, James Boughton. Washington, D.C. : International Monetary Fund, 1991. 1 online resource (38 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper provides estimates of the demand for both narrow and broad monetary aggregates for the five largest industrial countries using two recent approaches: buffer stock and error correction models. The performances of these models are compared with several versions of the conventional partial adjustment model. Tests are performed in order to evaluate the parameter stability, post-sample predictive ability, encompassing properties, and economic implications of the models. The results are encouraging with respect to the newer models, as they significantly outperform the traditional approach. It is found that the error correction model is especially promising as a general approach. Mode of access: Internet United States imf Boughton, James. IMF Working Papers; Working Paper ; No. 1991/016 Full text available on IMF http://elibrary.imf.org/view/journals/001/1991/016/001.1991.issue-016-en.xml IMF e-Library