Three decades of money demand studies: differences and similarities

$54.97 plus tax (Refund Policy)

Buy Article:

Abstract:

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).

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036840600569377

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

Publication date: April 20, 2006

More about this publication?
Related content

Share Content

Access Key

Free Content
Free content
New Content
New content
Open Access Content
Open access content
Subscribed Content
Subscribed content
Free Trial Content
Free trial content
Cookie Policy
X
Cookie Policy
ingentaconnect website makes use of cookies so as to keep track of data that you have filled in. I am Happy with this Find out more