A divisia system approach to modelling monetary aggregates |
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| Authors: | Tran Van Hoa |
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| Institution: | University of Melbourne, Parkville, Vict. 3052, Australia |
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| Abstract: | A complete system of Divisia partial adjustment asset equations based on the augmented-price expectations Baumol-Tobin inventory and transactions postulates is used to study the dynamic behaviour of monetary aggregates and their components in Australia during 1969.III to 1983.IV. The system provides a new and useful approach to modelling demand-for-money functions for effective monetary policy controls and targetting. |
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