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The Demand For Money: A Structural Econometric Investigation

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Author Info

  • Donald H. Dutkowsky

    ()
    (Department of Economics, Maxwell School of Citizenship and Public Affairs, Eggers Hall, Syracuse University)

  • H. Sonmez Atesoglu

    ()
    (School of Business, Clarkson University)

Abstract

This study empirically investigates dynamic microfoundations for the conventional static money demand equation. An intertemporal substitution model with the addilog utility function yields a money demand relationship that closely approximates the double log specification. Results from previous empirical studies largely support the derived equation. Estimations with quarterly U.S. data support cointegration among real per capita M1 and consumption, and an after-tax long-term interest rate for the post-1980 period. Estimated short-run intertemporal interest rate elasticities of consumption vary from ?0.26 to ?0.93. Estimated long-run elasticities of substitution between consumption and money range from ?0.26 to ?0.41.

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Bibliographic Info

Article provided by Southern Economic Association in its journal Southern Economic Journal.

Volume (Year): 68 (2001)
Issue (Month): 1 (July)
Pages: 92-106

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Handle: RePEc:sej:ancoec:v:68:1:y:2001:p:92-106

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Web page: http://www.southerneconomic.org/
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Cited by:
  1. Hernández Monsalve, Mauricio A. & Posada Posada, Carlos Esteban, 2006. "La demanda por dinero en Colombia: un poco más de evidencia en el período reciente," PERFIL DE COYUNTURA ECONÓMICA, UNIVERSIDAD DE ANTIOQUIA - CIE.
  2. Inagaki, Kazuyuki, 2009. "Estimating the interest rate semi-elasticity of the demand for money in low interest rate environments," Economic Modelling, Elsevier, vol. 26(1), pages 147-154, January.
  3. Duca, John V. & VanHoose, David D., 2004. "Recent developments in understanding the demand for money," Journal of Economics and Business, Elsevier, vol. 56(4), pages 247-272.
  4. Mauricio Hernández Monsalve & Munir A. Jalil Barney & Carlos Esteban Posada, 2006. "¿Por qué ha crecido tanto la cantidad de dinero?: teoría y Evidencia Internacional (1975-2002)," BORRADORES DE ECONOMIA 003821, BANCO DE LA REPÚBLICA.
  5. Mauricio A. Hernández & Munir Jalil Barney & Carlos Esteban Posada, . "¿Por qué ha crecido tanto la cantidad de dinero?: teoría y evidencia internacional (1975-2002)§," Borradores de Economia 402, Banco de la Republica de Colombia.
  6. Jones, Barry E. & Stracca, Livio, 2006. "Are money and consumption additively separable in the euro area? A non-parametric approach," Working Paper Series 0704, European Central Bank.

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