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“The case of the missing money” and the Lucas critique

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Cuthbertson, Keith and Taylor, Mark P. (1990) “The case of the missing money” and the Lucas critique. Journal of Macroeconomics, 12 (3). pp. 437-454. doi:10.1016/0164-0704(90)90007-W

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Official URL: http://dx.doi.org/10.1016/0164-0704(90)90007-W

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Abstract

The paper examines the missing money episode in terms of the Lucas critique. A model of the demand for U.S. narrow money incorporating expectations is estimated together with auxiliary expectations-generating equations for the independent variables prices, expenditure, and interest rates. Instability in the expectations generation equations around the missing money period is consistent with the instability found in conventional “backward looking” partial adjustment models. However, the forward looking model of the demand for money is statistically acceptable once account is taken of the shift in the expectations-generating equations.

Item Type: Journal Article
Divisions: Faculty of Social Sciences > Warwick Business School
Journal or Publication Title: Journal of Macroeconomics
Publisher: Elsevier BV * North-Holland
ISSN: 0164-0704
Official Date: 1990
Dates:
DateEvent
1990Published
Volume: 12
Number: 3
Page Range: pp. 437-454
DOI: 10.1016/0164-0704(90)90007-W
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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