Munich Personal RePEc Archive

On empirical implications of highly interest-elastic money demand: A Note

Nakashima, Kiyotaka and Saito, Makoto (2008): On empirical implications of highly interest-elastic money demand: A Note. Published in: Hitotsubashi Journal of Economics , Vol. 50, No. 1 (June 2009): pp. 29-34.

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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.

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