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Monetary policy and monetary asset substitution

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Author Info
Jones, Barry E.
Fleissig, Adrian R.
Elger, Thomas
Dutkowsky, Donald H.

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Abstract

This paper shows that changing the target Federal Funds rate induces changes in relative user costs of monetary assets. Estimated Morishima elasticities of substitution from the Fourier Flexible form reveal greater substitution from transactions assets and savings deposits into small time deposits than into retail money market mutual funds.

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File URL: http://www.sciencedirect.com/science/article/B6V84-4NS0KJH-2/1/3115ea62cae2da4e8b5250ec79b57482
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Publisher Info
Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 99 (2008)
Issue (Month): 1 (April)
Pages: 18-22
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Handle: RePEc:eee:ecolet:v:99:y:2008:i:1:p:18-22

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  1. Zagaglia, Paolo, 2009. "Monetary Asset Substitution in the Euro Area," MPRA Paper 17878, University Library of Munich, Germany. [Downloadable!]
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This page was last updated on 2009-12-12.

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