Three decades of money demand studies: differences and similarities
Abstract
By analysing almost 1000 money demand estimations this paper attempts to summarize the diverse findings of the literature on this topic. Using both descriptive statistics and meta-regressions, several stylized facts are derived about the two most prominent determinants of money demand income and interest rate elasticities. In particular, it is shown we show that the size and signs of average elasticities are systematically related to the choice of included variables (e.g. M1 or M3, short-run or long-run interest rates), the country grouping (e.g. USA versus Germany) and the empirical specification (e.g. the inclusion of one or two interest rates).Download Info
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Bibliographic Info
Article provided by Taylor and Francis Journals in its journal Applied Economics.
Volume (Year): 38 (2006)
Issue (Month): 7 ()
Pages: 805-818
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Web page: http://www.tandf.co.uk/journals/routledge/00036846.html
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Arto Kovanen & Jihad Dagher, 2011. "On the Stability of Money Demand in Ghana: A Bounds Testing Approach," IMF Working Papers 11/273, International Monetary Fund.
- Boriss Siliverstovs, 2008.
"Dynamic modelling of the demand for money in Latvia,"
Baltic Journal of Economics,
Baltic International Centre for Economic Policy Studies, vol. 8(1), pages 53-74, October.
- Boriss Siliverstovs, 2007. "Dynamic Modelling of the Demand for Money in Latvia," Discussion Papers of DIW Berlin 703, DIW Berlin, German Institute for Economic Research.
- Fidrmuc, Jarko, 2006.
"Money Demand and Disinflation in Selected CEECs during the Accession to the EU,"
Discussion Papers in Economics
1232, University of Munich, Department of Economics.
- Jarko Fidrmuc, 2009. "Money demand and disinflation in selected CEECs during the accession to the EU," Applied Economics, Taylor and Francis Journals, vol. 41(10), pages 1259-1267.
- Frauke Dobnik, 2011. "OLong-run Money Demand in OECD Countries – Cross-Member Cointegration," Ruhr Economic Papers 0237, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
- Korhonen, Iikka & Mehrotra, Aaron, 2007. "Money demand in post-crisis Russia: De-dollarisation and re-monetisation," BOFIT Discussion Papers 14/2007, Bank of Finland, Institute for Economies in Transition.
- Arto Kovanen, 2011. "Does Money Matter for Inflation in Ghana?," IMF Working Papers 11/274, International Monetary Fund.
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