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Is the Price Elasticity of Money Demand Always Unity?

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Author Info
Paul Evans () (Department of Economics, Ohio State University)
Xiaojun Wang () (Department of Economics, University of Hawaii at Manoa)

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Abstract

Including both monetary gold and nonmonetary gold in a standard money-in-utility model, we establish a presumption that the price elasticity of money demand should be less than one under commodity standards. Applying cointegration methods to data of the world, the United Kingdom, and the United States, we find support for the new theory.

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File URL: http://www.economics.hawaii.edu/research/workingpapers/WP_05-8.pdf
File Format: application/pdf
File Function: First version, 2004
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Publisher Info
Paper provided by University of Hawaii at Manoa, Department of Economics in its series Working Papers with number 200508.

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Length: 11 pages
Date of creation: 2005
Date of revision:
Handle: RePEc:hai:wpaper:200508

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Related research
Keywords: money demand; price homogeneity; commodity standard;

Other versions of this item:

Find related papers by JEL classification:
E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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References listed on IDEAS
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  1. Hendry, David F & Ericsson, Neil R, 1991. "An Econometric Analysis of U.K. Money Demand in 'Monetary Trends in the United States and the United Kingdom' by Milton Friedman and Anna Schwartz," American Economic Review, American Economic Association, vol. 81(1), pages 8-38, March. [Downloadable!] (restricted)
  2. MacDonald, Ronald & Taylor, Mark P., 1992. "A stable US money demand function, 1874-1975," Economics Letters, Elsevier, vol. 39(2), pages 191-198, June. [Downloadable!] (restricted)
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