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Is The Price Elasticity Of Money Demand Always Unity?

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Author Info
PAUL EVANS
XIAOJUN WANG

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Abstract

"Including both monetary gold and nonmonetary gold in a standard money-in-utility model, we establish a presumption that the price elasticity of money demand should be less than 1 under commodity standards. Applying cointegration methods to data of the world, the United Kingdom, and the United States, we find support for the new theory. "("JEL "E41, E42) Copyright (c) 2008 Western Economic Association International.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1465-7295.2007.00113.x
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Publisher Info
Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 46 (2008)
Issue (Month): 4 (October)
Pages: 587-592
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Handle: RePEc:bla:ecinqu:v:46:y:2008:i:4:p:587-592

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References listed on IDEAS
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  1. Hendry, David F & Ericsson, Neil R, 1991. "An Econometric Analysis of U.K. Money Demand in 'Monetary Trends in the United States and the United Kingdom' by Milton Friedman and Anna Schwartz," American Economic Review, American Economic Association, vol. 81(1), pages 8-38, March. [Downloadable!] (restricted)
  2. MacDonald, Ronald & Taylor, Mark P., 1992. "A stable US money demand function, 1874-1975," Economics Letters, Elsevier, vol. 39(2), pages 191-198, June. [Downloadable!] (restricted)
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