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Three decades of money demand studies: differences and similarities

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Author Info
Markus Knell
Helmut Stix

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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).

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Economics.

Volume (Year): 38 (2006)
Issue (Month): 7 (April)
Pages: 805-818
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Handle: RePEc:taf:applec:v:38:y:2006:i:7:p:805-818

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Markus Knell & Helmut Stix, 2003. "How Robust are Money Demand Estimations? A Meta-Analytic Approach," Working Papers 81, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]
  2. Helmut Stix, 2004. "How Do Debit Cards Affect Cash Demand? Survey Data Evidence," Economic Change and Restructuring, Springer, vol. 31(2), pages 93-115, June. [Downloadable!] (restricted)
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  3. David Laidler, 1966. "The Rate of Interest and the Demand for Money--Some Empirical Evidence," Journal of Political Economy, University of Chicago Press, vol. 74, pages 543. [Downloadable!] (restricted)
  4. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Peter Mooslechner & Helmut Stix & Karin Wagner, 2006. "How Are Payments Made in Austria? Results of a Survey on the Structure of Austrian Households’ Use of Payment Means in the Context of Monetary Policy Analysis," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 111-134, August 20. [Downloadable!]
  2. 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. [Downloadable!]
    Other versions:
  3. 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. [Downloadable!]
    Other versions:
  4. 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. [Downloadable!]
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