Journal Article
Some further results on the source of shift in M1 demand in the 1980s
Abstract: What caused the observed shift of M1 demand in the 1980s? Rival candidate explanations stress (1) M1 growth volatility, (2) disinflation, (3) rising real value of stocks, (4) rising volume of financial transactions, (5) rising household financial wealth, and (6) introduction into M1 of interest-bearing checkable deposits. The evidence presented here supports item six only.
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Bibliographic Information
Provider: Federal Reserve Bank of Richmond
Part of Series: Economic Review
Publication Date: 1989
Volume: 75
Issue: Sep
Pages: 3-13