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- Title
Simultaneity and the demand for money in Canada.
- Authors
Poloz, Stephen S.
- Abstract
Abstract. This paper examines the issue of simultaneous equations bias with respect to the Canadian demand for money function. It is argued that the extent of bias in an ordinary least squares estimate of the function ought to depend upon the policy regime under which the money market is operating. Empirical support for this hypothesis is found through a comparison of recursive OLS and IV estimates. The results indicate that the bias, although typically not extensive, may have been at least partly responsible for divergences from monetary growth targets in the recent past.
- Subjects
CANADA; MONEY; BIAS (Law)
- Publication
Canadian Journal of Economics, 1980, Vol 13, Issue 3, p407
- ISSN
0008-4085
- Publication type
Article
- DOI
10.2307/134701