On empirical implications of highly interest-elastic money demand: A Note
Kiyotaka Nakashima () and
Makoto Saito ()
MPRA Paper from University Library of Munich, Germany
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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Published in Hitotsubashi Journal of Economics 1.50(2009): pp. 29-34
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Journal Article: On Empirical Implications of Highly Interest-Elastic Money Demand: A Note (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:71825
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