On Empirical Implications of Highly Interest-Elastic Money Demand : A Note
- Nakashima, Kiyotaka
- Saito, Makoto
Publication date
June 2009
DOI Publisher
Commonwealth Forestry Association Journal
issn:0018-280xAbstract
Based on a standard model of money demand, this paper first shows that a relationship between money supply and prices may be substantially weakened when money demand is highly interest-elastic, and then presents empirical evidence for this implication using the Japanese money market data for the sample period, 1985-1999
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