The Speculative Demand for Money: An Alternative Approach

G. S. Laumas

American Journal of Economics and Sociology, 1976, vol. 35, issue 1, 37-40

Abstract: Abstract. The speculative demand for money has occupied an important role in Keynes’ General Theory. Since then it has received only sporadic attention. The lack of sustained interest among specialists in monetary theory is largely due to the fact that the theory, in its original form, has usually failed to survive the empirical tests. In this paper, an attempt is made to estimate the speculative demand for money using the general framework of the “Efficient Markets Theory.” The study uses the United States seasonally adjusted monthly data for the period 1952‐72. The results strongly indicate the existence of the speculative demand for money.

Date: 1976
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