出版社：Bank of Japan, Institute for Monetary and Economic Studies
摘要：We use annual Japanese prefecture data on income, population, demand deposits, and saving deposits from 1992 to 1997 to investigate the issue of whether there exists a stable money demand function under the low interest rate policy. The evidence appears to support the contention that there does exist a stable money demand function with long-run income elasticity greater than one for M2 and less than one for M1. Furthermore, we find that Japan’s money demand is sensitive to interest rate changes. However, there is no evidence of the presence of a liquidity trap.
关键词：Money demand; Interest rate; Panel data; Prefecture data
