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        Real money demand and supply meets Federal debt

        Author
        Bywaters, David S.
        Thomas, David G.
        Attention
        2299/6607
        Abstract
        This article presents the empirical results of an econometric investigation of the demand and supply of real money (M2) with real Federal debt in the USA economy as a Vector Auto-Regressions (VARs) system. This allows the study to focus on the crucial variables of fiscal and monetary policies, specifically the debt (wealth-creating instruments), the real monetary base and the relevant rates of interest. The long- and short-run effects of these variables over the quarterly data, spanning from 1960 to 2007, are analysed. Clearly, this is a well-researched field, where others have published excellent work, although this investigation differs in its choice of variables. The idea is to explain the dynamics and mechanisms of adjustment, generally left unexplained by economic theory.
        Publication date
        2011
        Published in
        Applied Economics Letters
        Published version
        https://doi.org/10.1080/13504851.2010.532089
        Other links
        http://hdl.handle.net/2299/6607
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