The Value of Time and the Transactions Demand for Money
This paper reexamines the hypothesis of Dean S. Dutton and William P. Gramm, and Edi Karni that the wage rate influences the demand for money as a proxy for the value of transactions time. It develops "value of time" transactions models, which yield demand for money equations that have a real wage rate argument, and compares it to a "non value of time" alternative that does not. The author finds that the "value of time" models perform well and that the "value of time" effect is empirically significant. Copyright 1990 by Ohio State University Press.
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Volume (Year): 22 (1990)
Issue (Month): 1 (February)
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