The monetary method to measure the shadow economy: The forgotten problem of the initial conditions

Abstract : We show that when the money demand function used to estimate the size of the shadow economy includes the lagged dependent variable, the need to assume a known initial condition reappears as it was the case in the early monetary methods.
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Submitted on : Friday, April 12, 2013 - 10:22:00 PM
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Hildegart Ahumada, Facundo Alvaredo, Alfredo Canavese. The monetary method to measure the shadow economy: The forgotten problem of the initial conditions. Economics Letters, Elsevier, 2008, 101 (2), pp.97-99. ⟨10.1016/j.econlet.2008.06.001⟩. ⟨hal-00812857⟩

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