The Value of Time and the Transactions Demand for Money
AbstractThis paper reexamines the hypothesis of Dean S. Dutton and William P. Gramm, and Edi Karni that the wage rate influences the demand for money as a proxy for the value of transactions time. It develops "value of time" transactions models, which yield demand for money equations that have a real wage rate argument, and compares it to a "non value of time" alternative that does not. The author finds that the "value of time" models perform well and that the "value of time" effect is empirically significant. Copyright 1990 by Ohio State University Press.
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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 22 (1990)
Issue (Month): 1 (February)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
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- Vazquez, Jesus, 1998. "How high can inflation get during hyperinflation? A transaction cost demand for money approach," European Journal of Political Economy, Elsevier, vol. 14(3), pages 433-451, August.
- Elizabeth Klee, 2006. "Paper or plastic? the effect of time on the use of check and debit cards at grocery stores," Finance and Economics Discussion Series 2006-02, Board of Governors of the Federal Reserve System (U.S.).
- Reinhart, Carmen & Vegh, Carlos, 1994. "Intertemporal consumption substitution and inflation stabilization:An empirical investigation," MPRA Paper 13427, University Library of Munich, Germany.
- Wen, J.F. & Love, D.R.F., 1996.
"Evaluating Tax Reforms in a Monetary Economy,"
96005, Wilfrid Laurier University, Department of Economics.
- Reinhart, Carmen & Vegh, Carlos, 1994. "Inflation stabilization in chronic inflation countries: The empirical evidence," MPRA Paper 13689, University Library of Munich, Germany.
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