Avoiding aggregation bias in demand estimation: A multivariate promotional disaggregation approach

Aggregate vs. disaggregate data analysis

Aggregate vs. disaggregate data analysis—a paradox in the estimation of a money demand function of Japan under the low interest rate policy

✍ Cheng Hsiao; Yan Shen; Hiroshi Fujiki 📂 Article 📅 2005 🏛 John Wiley and Sons 🌐 English ⚖ 235 KB

## Abstract We use Japanese aggregate and disaggregate money demand data to show that conflicting inferences can arise. The aggregate data appears to support the contention that there was no stable money demand function. The disaggregate data shows that there was a stable money demand function. Nei