Japan’s Voluntary Lockdown: Further Evidence Based on Age-Specific Mobile Location Data
Tsutomu Watanabe and
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Tsutomu Watanabe: Graduate School of Economics, University of Tokyo
No 34, Working Papers on Central Bank Communication from University of Tokyo, Graduate School of Economics
This paper estimates a money demand function using US data from 1980 onward, including the recent near-zero interest rate period. We show that the substantial increase in the money-income ratio during the period of near-zero interest rates is captured well by the log-log specification, but not by the semi-log specification. Our result is the opposite of the result obtained by Ireland (2009), who found that the semi-log specification performs better. This mainly stems from the difference in the sample period employed: ours contains 24 quarters with interest rates below 1 percent, while Ireland’s (2009) sample period contains only three quarters.
Keywords: money demand function; cointegration; zero lower bound; welfare cost of inflation; log-log form; semi-log form (search for similar items in EconPapers)
JEL-codes: C22 C52 E31 E41 E43 E52 (search for similar items in EconPapers)
Pages: 34 pages
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Journal Article: Japan’s voluntary lockdown: further evidence based on age-specific mobile location data (2021)
Working Paper: Japan’s Voluntary Lockdown: Further Evidence Based on Age-Specific Mobile Location Data (2021)
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