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Endogenous financial innovation and the demand for money Author info | Abstract | Publisher info | Download info | Related research | Statistics Peter N. Ireland
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This paper embeds two key ideas about the nature of financial innovation taken from the empirical literature into a familiar equilibrium monetary model. It provides formal support for several alternative econometric specifications for money demand that attempt to capture the effects of financial innovation and demonstrates that a popular theoretical model of money demand, when suitably modified, can account for some unusual monetary dynamics found in the data. Thus, it helps to establish both the theoretical relevance of recent empirical work and the empirical relevance of recent theoretical work on the demand of money.
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Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number
92-03.
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Date of creation: 1992Date of revision:
Handle: RePEc:fip:fedrwp:92-03Contact details of provider: Web page: http://www.richmondfed.org/ More information through EDIRC
Order Information: Email: Web: http://www.richmondfed.org/publications/
For technical questions regarding this item, or to correct its listing, contact: (Diane Rosenberger).
Keywords: Money theory Financial services industry Other versions of this item:
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.: Jared Enzler & Lewis Johnson & John Paulus, 1976.
"Some Problems of Money Demand ,"
Brookings Papers on Economic Activity ,
Economic Studies Program, The Brookings Institution, vol. 7(1976-1), pages 261-282.
[Downloadable!]
John V. Duca, 1992.
"The case of the missing M2 ,"
Economic and Financial Policy Review ,
Federal Reserve Bank of Dallas, issue Q II, pages 1-24.
Other versions: Lieberman, Charles, 1977.
"The Transactions Demand for Money and Technological Change ,"
The Review of Economics and Statistics ,
MIT Press, vol. 59(3), pages 307-17, August.
[Downloadable!] (restricted)
John B. Carlson & Sharon E. Parrott, 1991.
"The demand for M2, opportunity cost, and financial change ,"
Economic Review ,
Federal Reserve Bank of Cleveland, issue Q II, pages 2-11.
[Downloadable!]
Donald D. Hester, 1981.
"Innovations and Monetary Control ,"
Brookings Papers on Economic Activity ,
Economic Studies Program, The Brookings Institution, vol. 12(1981-1), pages 141-200.
[Downloadable!]
Cagan, Phillip & Schwartz, Anna Jacobson, 1975.
"Has the Growth of Money Substitutes Hindered Monetary Policy? ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 7(2), pages 137-59, May.
[Downloadable!] (restricted)
Lawrence J. Christiano, 1991.
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Quarterly Review ,
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repec:fip:fedreq:y:1984:i:sep/oct:p:3-12:n:v.70no.5 is not listed on IDEAS
Stephen M. Goldfeld, 1973.
"The Demand for Money Revisited ,"
Brookings Papers on Economic Activity ,
Economic Studies Program, The Brookings Institution, vol. 4(1973-3), pages 577-646.
[Downloadable!]
Full
references 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.)
Óscar J. Arce, 2006.
"Speculative hyperinflations: when can we rule them out? ,"
Banco de España Working Papers
0607, Banco de España.
[Downloadable!]
Peter N. Ireland, 2000.
"Sticky-Price Models of the Business Cycle: Specification and Stability ,"
NBER Working Papers
7511, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Peter N. Ireland, 1999.
"Sticky-Price Models of the Business Cycle: Specification and Stability ,"
Boston College Working Papers in Economics
426, Boston College Department of Economics.
[Downloadable!] Ireland, Peter N., 2001.
"Sticky-price models of the business cycle: Specification and stability ,"
Journal of Monetary Economics ,
Elsevier, vol. 47(1), pages 3-18, February.
[Downloadable!] (restricted) Gillman, Max & Cziráky, Dario, 2005.
"Money Demand in an EU Accession Country: A VECM Study of Croatia ,"
Cardiff Economics Working Papers
E2005/7, Cardiff University, Cardiff Business School, Economics Section.
[Downloadable!]
Other versions: Gustavo Suárez, 1999.
"Tecnología De Transacciones Endógena Y Los Costos De La Inflación ,"
BORRADORES DE ECONOMIA
003545, BANCO DE LA REPÚBLICA.
[Downloadable!]
Chiara Oldani, 2005.
"An Overview of the Literature about Derivatives ,"
Macroeconomics
0504004, EconWPA.
[Downloadable!]
Timothy Cogley, 1993.
"Adapting to instability in money demand: forecasting money growth with a time-varying parameter model ,"
Economic Review ,
Federal Reserve Bank of San Francisco, pages 35-41.
[Downloadable!]
Norbert Janssen, .
"The demand for M0 in the United Kingdom reconsidered: some specification issues ,"
Bank of England working papers
83, Bank of England.
[Downloadable!]
Frank Browne & Gabriel Fagan & Jerome Henry, 2005.
"Money Demand in EU Countries: A Survey ,"
Macroeconomics
0503004, EconWPA.
[Downloadable!]
Other versions: Oscar J. Arce, 2006.
"Speculative Hyperinflations: When Can We Rule Them Out? ,"
Computing in Economics and Finance 2006
376, Society for Computational Economics.
[Downloadable!]
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