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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

Abstract: 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)
Date: 2009
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DOI: 10.15057/17469

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Handle: RePEc:hit:hitjec:v:50:y:2009:i:1:p:29-34