A Note on “The Existence of a World Demand for Money Function: Preliminary Results”
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A Note on “The Existence of a World Demand for Money Function: Preliminary Results”
Credit and Capital Markets – Kredit und Kapital, Vol. 11 (1978), Iss. 3 : pp. 340–347
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Zis, George
Cited By
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Should the Hypothesis of a Well Defined and Stable World Demand for M1 be Reinstated?
Spinelli, Franco
Credit and Capital Markets – Kredit und Kapital, Vol. 18 (1985), Iss. 2 P.193
https://doi.org/10.3790/ccm.18.2.193 [Citations: 0] -
„The Existence of a World Demand for Money Function“. A Reply
Frowen, S. F. | Kouris, G.Credit and Capital Markets – Kredit und Kapital, Vol. 12 (1979), Iss. 1 P.73
https://doi.org/10.3790/ccm.12.1.73 [Citations: 1]
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Abstract
A Note on “The Existence of a World Demand for Money Function: Preliminary Results”
This note argues that the empirical results presented by Frowen and Kouris, contrary to what they allege, are not “in contrast to those in the paper by Gray, Ward and Zis, which found the demand-for-money function to be stable and to show a low, insignificant interest elasticity”. The absence of comparability between the two sets of empirical results stems from the fact that these two studies tested two different hypotheses. In employing the estimating technique which they did, Frowen and Kouris constrained the national income