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Erscheinungsjahr: 
2024
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[Journal:] Macroeconomic Dynamics [ISSN:] 1469-8056 [Issue:] FirstView articles [Publisher:] Cambridge University Press (CUP) [Place:] Cambridge [Year:] 2024 [Pages:] 1-26
Verlag: 
Cambridge University Press (CUP), Cambridge
Zusammenfassung: 
A large literature has shown money demand functions constructed from simple-sum aggregates are unstable. We revisit the controversy surrounding the instability of money demand by examining cointegrating income-money relationships with the Divisia monetary aggregates for the U.S., and compare them with their simple-sum counterparts. We innovate by conducting a more granular analysis of various monetary assets and their associated user costs. We find characterizing money demand with simple-sum measures only works well in a period preceding 1980. Divisia aggregates, their components, and their user costs provide a more reliable interpretation of money demand. Subsample analysis across 1980 and 2008 suggests the instability of money demand is a matter of measurement rather than a consequence of a structural change in agents’ preference for monetary assets.
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