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Alternative Temporal Cross-Section Specifications Of The Demand For Demand Deposits

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Author Info
Edgar L. Feige (University of Wisconsin-Madison)

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Abstract

This paper examines a broad set of alternative temporal cross- section specifications of the demand for money as a means of estimating the degree of substitution between demand deposits and other liquid assets. Despite differences in data bases, model specifications and estimation techniques, the results are surprisingly robust; suggesting that the own rate of return on demand deposits is an important argument of the demand function ; that other liquid assets are relatively weak substitutes for demand deposits; and that the income elasticity of demand deposits is less than unity. Reference: The Journal of Finance, Vol. XXIX No. 3, June 1974.

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File URL: http://129.3.20.41/eps/mac/papers/0502/0502009.pdf
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Publisher Info
Paper provided by EconWPA in its series Macroeconomics with number 0502009.

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Length: 18 pages
Date of creation: 02 Feb 2005
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Handle: RePEc:wpa:wuwpma:0502009

Note: Type of Document - pdf; pages: 18
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Web page: http://129.3.20.41

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Related research
Keywords: Money demand; substitutibility; liquid assets; temporal cross- section specifications; income elasticity.;

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
C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General
C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models

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This page was last updated on 2009-11-30.

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