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

Author

Listed:
  • Edgar L. Feige

    (University of Wisconsin-Madison)

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.

Suggested Citation

  • Edgar L. Feige, 2005. "Alternative Temporal Cross-Section Specifications Of The Demand For Demand Deposits," Macroeconomics 0502009, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpma:0502009
    Note: Type of Document - pdf; pages: 18
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0502/0502009.pdf
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    More about this item

    Keywords

    Money demand; substitutibility; liquid assets; temporal cross- section specifications; income elasticity.;
    All these keywords.

    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 and Methodology: General
    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models

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