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THE RATIONALE OF THE DEMAND FOR MONEY AND OF “MONEY ILLUSION”*
Metroeconomica, 1950Consider the following propositions: (1) Each individual maximizes a utility function that depends only on the amounts of various goods he will consume during a period that begins after the marketing date and during which no further exchanges takes place; (2) The numeraire (i.e., the thing whose price is fixed at unity) is neither a consumption nor a ...
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Is Money Exogenous in Money-Demand Equations
Journal of Political Economy, 1978Sims's finding that nominal money stock is strictly exogenous in a distributed-lag regression of nominal income on nominal money stock is not inconsistent with the appearance and real income and nominal interest rates as strictly exogenous regressors in the quarterly money-demand equations estimated in real form.
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A Model of the Demand for Money by Households
The Journal of Finance, 1974THE THEORETICAL FOUNDATIONS of the demand for money for transactions purposes rests, to a large degree, upon the inventory optimization approach. The contribution of this type of approach to economic theory is purported to be its rationalization for the holding of money through a cost minimization procedure where transactions costs along with lack of ...
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1982
The choice of how much money to hold is an example of a portfolio decision as it concerns allocating one’s wealth over a number of different assets. Money is a unique type of asset: not only does it perform the store of value function common to all assets but it also serves as a medium of exchange.
Rosalind Levačić, Alexander Rebmann
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The choice of how much money to hold is an example of a portfolio decision as it concerns allocating one’s wealth over a number of different assets. Money is a unique type of asset: not only does it perform the store of value function common to all assets but it also serves as a medium of exchange.
Rosalind Levačić, Alexander Rebmann
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2001
Abstract The demand for money is closely related to functions and to the definition of money. As we have seen, ‘money’ can be defined in quite different ways. Thus, the demand for ‘money’ will be different depending on the combination of assets that are included in a specific monetary aggregate.
Peter Bofinger +2 more
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Abstract The demand for money is closely related to functions and to the definition of money. As we have seen, ‘money’ can be defined in quite different ways. Thus, the demand for ‘money’ will be different depending on the combination of assets that are included in a specific monetary aggregate.
Peter Bofinger +2 more
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Shrinking money: the demand for money and the nonneutrality of money
Journal of Monetary Economics, 2002Abstract We evaluate the macroeconomic implications of post-World War II money demand changes in two business cycle models: the limited participation model and the sticky price model. The sticky price model is invariant to changes in money demands.
Harold L. Cole, Lee E. Ohanian
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1973
Chapters 5–7 have been concerned with ‘real’ phenomena — how much output people want to consume currently and how much they want to postpone until the future, and how much firms want to invest in capital goods. The relationship between these magnitudes decides (until full employment is reached) whether future output expands or contracts.
J. Harvey, M. Johnson
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Chapters 5–7 have been concerned with ‘real’ phenomena — how much output people want to consume currently and how much they want to postpone until the future, and how much firms want to invest in capital goods. The relationship between these magnitudes decides (until full employment is reached) whether future output expands or contracts.
J. Harvey, M. Johnson
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1972
It is possible to identify the influences that could affect the quantity demanded of money by starting with the analysis of simple situations and working on to more complex ones. Suppose that each household (or firm) is quite certain of both the amounts and the dates of its future receipts and payments of all kinds. It could then plan the minimum money
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It is possible to identify the influences that could affect the quantity demanded of money by starting with the analysis of simple situations and working on to more complex ones. Suppose that each household (or firm) is quite certain of both the amounts and the dates of its future receipts and payments of all kinds. It could then plan the minimum money
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Brookings Papers on Economic Activity, 1970