Aggregate And Household Demand For Money

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Aggregate And Household Demand For Money

Author : Hiroshi Fujiki
ISBN : UCSD:31822037271848
Genre : Cost and standard of living
File Size : 60.75 MB
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We use data from Public Opinion Surveys on Household Financial Assets and Liabilities from 1991 to 2002 to investigate the issues of unobserved heterogeneity among cross-sectional units and stability of Japanese aggregate money demand function. Conditions that permit individual data and aggregate data to be modeled under one consistent format are given. Alternative definitions of money are explored through year-by-year cross-sectional estimates of Fujiki-Mulligan (1996) household money demand model. We find that using M3 appears to be broadly consistent with time series estimates using the aggregates constructed from the micro data. The results appear to support the existence of a stable money demand function for Japan. The estimated income elasticity for M3 is about 0.68 and five year bond interest rate elasticity is about -0.124.--Author's description.
Category: Cost and standard of living
Aggregate and Household Demand for Money
Language: en
Pages: 41
Authors: Hiroshi Fujiki, Cheng Hsiao
Categories: Cost and standard of living
Type: BOOK - Published: 2008 - Publisher:

We use data from Public Opinion Surveys on Household Financial Assets and Liabilities from 1991 to 2002 to investigate the issues of unobserved heterogeneity among cross-sectional units and stability of Japanese aggregate money demand function. Conditions that permit individual data and aggregate data to be modeled under one consistent format
Production, Financial Sophistication, and the Demand for Money by Households and Firms
Language: en
Pages: 58
Authors: Hiroshi Fujiki, Casey B. Mulligan
Categories: Demand for money
Type: BOOK - Published: 1996 - Publisher:

Books about Production, Financial Sophistication, and the Demand for Money by Households and Firms
Rational Expectations and the Household Demand for Money
Language: en
Pages: 228
Authors: Manuel Flores Montes
Categories: Cost and standard of living
Type: BOOK - Published: 1981 - Publisher:

Books about Rational Expectations and the Household Demand for Money
Are Money Balances an Inferior Asset ?
Language: en
Pages: 48
Authors: Manuel F. Montes
Categories: Money
Type: BOOK - Published: 1981 - Publisher:

Books about Are Money Balances an Inferior Asset ?
The Demand for Money in Developing Countries
Language: en
Pages: 37
Authors: Manuel F. Montes
Categories: Demand for money
Type: BOOK - Published: 1991 - Publisher: World Bank Publications

Traditional specifications of money demand have been commonly plagued by persistent overprediction, implausible parameter estimates, and highly autocorrelated errors. This paper argues that some of those problems stem from the failure to account for the impact of financial innovation. We estimate money demand for ten developing countries employing various proxies