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Japanese Demand for M1 and Demand Deposits: Cross-Sectional and Time-Series Evidence from Japan

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Author Info
Fujiki, Hiroshi (Institute for Monetary and Econ Studies, Bank of Japan)
Watanabe, Kiyoshi (Institute for Monetary and Econ Studies, Bank of Japan)

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Abstract

We investigate the relationship between money, short-term interest rates, and scale variables. We use three monetary aggregates: Ml , demand deposits, and cash currency in circulation. Regional cross- sectional data yield stable estimates of the income elasticity of demand deposits that are positive and close to unity. We impose the estimated income elasticity obtained from cross-sectional data and estimate double- log interest rate elasticities of demand for Ml velocities and demand- deposit velocities using time-series data.

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File URL: http://www.imes.boj.or.jp/english/publication/mes/2004/me22-3-4.pdf
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Publisher Info
Article provided by Institute for Monetary and Economic Studies, Bank of Japan in its journal Monetary and Economic Studies.

Volume (Year): 22 (2004)
Issue (Month): 3 (October)
Pages: 47-77
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Handle: RePEc:ime:imemes:v:22:y:2004:i:3:p:47-77

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Find related papers by JEL classification:
E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Determination of Interest Rates; Term Structure of Interest Rates
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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This page was last updated on 2008-8-11.

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