The demand for Divisia Money: Theory and evidence
A money-in-the-utility function model is extended to capture the distinct roles of noninterest-earning currency and interest-earning deposits in providing liquidity services to households. It implies the existence of a stable money demand relationship that links a Divisia monetary aggregate to consu...
Main Authors: | , |
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Format: | Article |
Language: | English |
Published: |
Elsevier Ltd
2019
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Subjects: | |
Online Access: | View Fulltext in Publisher |