; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Is Long-Run M1 Demand Stable?"; ; "batchuser@example.com"; "Braun, R. Anton", "Christiano, Lawrence J."; "Federal Reserve Bank of Minneapolis"; "Money demand", "Regression analysis", "Money supply", "Money demand regressions", "M1"; "E51 - Money Supply; Credit; Money Multipliers", "E41 - Demand for Money"; "The money demand literature presents much conflicting evidence on this question. For example, Lucas (1988) reports unrestricted money demand regressions which seem to imply that long-run money demand elasticities are highly unstable across subsamples. At the same time, he also presents evidence from money demand regressions with the income elasticity restricted to unity which seem to suggest stability. We conduct a formal analysis which weighs these apparently conflicting facts to determine which hypothesis is more plausible; the hypothesis that money demand is stable, or the hypothesis that money demand is unstable. We find that the stability hypothesis is the more plausible one. Thus, according to our data set, the answer to the question in the title is \"yes\"."^^; "The stability of M1 demand : a preliminary investigation / R. Anton Braun, Lawrence J. Christiano."; "1994-06"; "2018-03-13T20:07:31.197944223+00:00"^^; "https://doi.org/10.21034/wp.529"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2019-08-27T16:47:57.455649865+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "141", "97"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "529"; "Money supply", "Money demand", "M1", "Regression analysis", "Money demand regressions"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; ; "Publication" . ; .