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Seasonal Fluctuations and the Demand for Money

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  • Faig, Miquel

Abstract

The reaction of money holders to the systematic seasonal changes in the level of transactions represents an interesting "experiment" for learning about the money demand function. An analysis of the seasonal fluctuations of the real quantity of money and several measures of transactions in the United States, West Germany, the United Kingdom, and Canada reveals the following. First, consumptions expenditures in semidurables, nondurables, and services appears to be a good proxy for transactions in a money demand function, and superior to gross domestic product or consumption expenditures. Second, the transactions elasticity of the demand for money is substantially lower than one. Copyright 1989, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Bibliographic Info

Article provided by MIT Press in its journal Quarterly Journal of Economics.

Volume (Year): 104 (1989)
Issue (Month): 4 (November)
Pages: 847-61

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Handle: RePEc:tpr:qjecon:v:104:y:1989:i:4:p:847-61

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Web page: http://mitpress.mit.edu/journals/

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Cited by:
  1. Miquel Faig & Belén Jerez, 2006. "Inflation, Prices, and Information in Competitive Search," Working Papers tecipa-215, University of Toronto, Department of Economics.
  2. Robert Kollmann, 2001. "The exchange rate in a dynamic-optimizing business cycle model with nominal rigidities: a quantitative investigation," ULB Institutional Repository 2013/7630, ULB -- Universite Libre de Bruxelles.
  3. Bohl, Martin T., 2000. "Nonstationary stochastic seasonality and the German M2 money demand function," European Economic Review, Elsevier, vol. 44(1), pages 61-70, January.
  4. Albuquerque, Pedro H. & Gouvea, Solange, 2009. "Canaries and vultures: A quantitative history of monetary mismanagement in Brazil," Journal of International Money and Finance, Elsevier, vol. 28(3), pages 479-495, April.
  5. Jeffrey A. Miron, 1990. "The Economics of Seasonal Cycles," NBER Working Papers 3522, National Bureau of Economic Research, Inc.
  6. Mankiw, N. Gregory & Miron, Jeffrey A., 1991. "Should the fed smooth interest rates? the case of seasonal monetary policy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 34(1), pages 41-69, January.
  7. Christopher Bajada, 2002. "Estimating The Uses Of Currency In Australia," Economic Papers, The Economic Society of Australia, vol. 21(3), pages 14-30, 09.
  8. James Boughton, 1992. "International comparisons of money demand," Open Economies Review, Springer, vol. 3(3), pages 323-343, October.

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