On Empirical Implications of Highly Interest-Elastic Money Demand: A Note
Kiyotaka Nakashima () and
Makoto Saito ()
Hitotsubashi Journal of Economics, 2009, vol. 50, issue 1, 29-34
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.
Keywords: money demand; zero interest-rate policy; cointegration (search for similar items in EconPapers)
JEL-codes: E31 E41 E52 (search for similar items in EconPapers)
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Working Paper: On empirical implications of highly interest-elastic money demand: A Note (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:hit:hitjec:v:50:y:2009:i:1:p:29-34
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