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Irving Fisher on his head II: the consequences of the timing of payments for the demand for money

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  • George A. Akerlof
  • Ross D. Milbourne

Abstract

This paper explores the consequences of the timing of payments for the demand for money. It is found that if payments are the minimum of the money in the bank account or bills due, the demand for money will respond slowly to changes in income. This prediction disagrees with some formulations of the short-run demand for money (e.g., Irving Fisher's) but agrees with empirical estimates. The demand for money is adjusted to supply by changes in quantities (i.e., payments flows) rather than by changes in prices or interest rates.
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Suggested Citation

  • George A. Akerlof & Ross D. Milbourne, 1978. "Irving Fisher on his head II: the consequences of the timing of payments for the demand for money," Special Studies Papers 122, Board of Governors of the Federal Reserve System (U.S.).
  • Handle: RePEc:fip:fedgsp:122
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    Cited by:

    1. Subramanian S Sriram, 1999. "Survey of Literature on Demand for Money; Theoretical and Empirical Work with Special Reference to Error-Correction Models," IMF Working Papers 99/64, International Monetary Fund.
    2. Sunil Sharma & Neil R. Ericsson, 1998. "Broad money demand and financial liberalization in Greece," Empirical Economics, Springer, vol. 23(3), pages 417-436.
    3. Neil R. Ericsson & John S. Irons, 1995. "The Lucas critique in practice: theory without measurement," International Finance Discussion Papers 506, Board of Governors of the Federal Reserve System (U.S.).

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