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Monetary policy and monetary asset substitution

Barry Jones (), Adrian R. Fleissig, Thomas Elger () and Donald Dutkowsky ()

Economics Letters, 2008, vol. 99, issue 1, 18-22

Abstract: This paper shows that changing the target Federal Funds rate induces changes in relative user costs of monetary assets. Estimated Morishima elasticities of substitution from the Fourier Flexible form reveal greater substitution from transactions assets and savings deposits into small time deposits than into retail money market mutual funds.

Date: 2008
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Handle: RePEc:eee:ecolet:v:99:y:2008:i:1:p:18-22