The currency ratios 1920–80: A re-examination

Autor:	Gaile E. Makinen, Mark L. Ladenson
Rok vydání:	1992
Předmět:	Macroeconomics Variable (computer science) Currency Econometrics Economics Total population Per capita income Proxy (statistics) General Economics Econometrics and Finance Public finance
Zdroj:	Atlantic Economic Journal. 20:1-9
ISSN:	1573-9678 0197-4254
DOI:	10.1007/bf02300080
Popis:	This study has analyzed the long run determinants of the ratio of currency to M1 and M2 over the period 1920–80. For both ratios, its results confirm Cagan's well-known findings on the importance of deposit yields and tax rates. Unlike Cagan, who did not attempt to construct a proxy variable for the ratio of currency-intensive to total transactions, the ratio of spending on nondurables and services to total bank clearings was used in this study as such a proxy and found to be a better explanatory variable than expected real per capita income. At times, movements in this variable were an important contributor to changes in both money ratios. In addition, movements in the ratio of teenagers to total population, a variable not considered by Cagan, had a role in explaining the 1961–73 rise in C/M1.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::c7e7feb1a8f7b52e3f150188761d2e81 https://doi.org/10.1007/bf02300080 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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