English, Article, Journal or magazine article edition: Reexamining the Term Structure of Interest Rates and the Interwar Demand for Money Christopher F. Baum; Clifford F. Thies

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Reexamining the Term Structure of Interest Rates and the Interwar Demand for Money
Author
  • Christopher F. Baum
  • Clifford F. Thies
Physical Description
  • preprint
Notes
  • This paper reexamines whether the term structure of interest rates, rather than merely a single interest rate, should be included in the demand for money of the interwar era. In contrast to earlier work, we use cointegration techniques to model the equilibrium/​error correction process, and find that a sufficiently rich dynamic model using a single interest rate has considerable explanatory power. Nevertheless, we conclude that the inclusion of the term structure may help to explain the turbulent monetary dynamics of the Depression era.
  • demand for money, interwar period, term structure of interest rates
  • RePEc:boc:bocoec:384
Language
  • English
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