IDEAS home Printed from
   My bibliography  Save this paper

Variety of Opinion and the Speculative Demand for Money: An Analysis in Terms of Fuzzy Concepts


  • Sheila C. Dow

    (Department of Economics, University of Stirling, Scotland)

  • Dipak Ghosh

    (Department of Economics, University of Stirling, Scotland)


The purpose of the paper is to explore the potential for applying fuzzy logic to economic decision-making under Keynesian uncertainty, and in particular to circumstances where variety of opinion is important. Fuzzy logic is shown to apply where expectations may differ because the nature of the subject matter impedes any ‘crisp’ way of describing the underlying variables. The particular case of the speculative demand for money is considered, since it explicitly reflects variety of opinion as to whether interest rates are ‘high’ or ‘low’. We also explore the potential application of the concept to monetary policy-making.

Suggested Citation

  • Sheila C. Dow & Dipak Ghosh, 2004. "Variety of Opinion and the Speculative Demand for Money: An Analysis in Terms of Fuzzy Concepts," SCEME Working Papers: Advances in Economic Methodology 007/2004, SCEME.
  • Handle: RePEc:sti:wpaper:007/2004

    Download full text from publisher

    File URL:
    Download Restriction: no


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. repec:wsi:nmncxx:v:06:y:2010:i:03:n:s1793005710001773 is not listed on IDEAS

    More about this item


    speculative-demand-for-money; fuzzy-concepts; uncertainty;

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sti:wpaper:007/2004. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Matthias Klaes). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.