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Three decades of money demand studies: differences and similarities

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By analysing almost 1000 money demand estimations this paper attempts to summarize the diverse findings of the literature on this topic. Using both descriptive statistics and meta-regressions, several stylized facts are derived about the two most prominent determinants of money demand income and interest rate elasticities. In particular, it is shown we show that the size and signs of average elasticities are systematically related to the choice of included variables (e.g. M1 or M3, short-run or long-run interest rates), the country grouping (e.g. USA versus Germany) and the empirical specification (e.g. the inclusion of one or two interest rates).
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Document Type: Research Article

Affiliations: Oesterreichische Nationalbank, Economic Studies Division, P.O. Box 61, A-1011 Vienna, Austria

Publication date: 2006-04-20

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