期刊名称：Quantitative and Qualitative Analysis in Social Sciences
印刷版ISSN：1752-8925
出版年度：2007
卷号：1
期号：1
页码：1-25
出版社：Quantitative and Qualitative Analysis in Social Sciences
摘要：The paper presents and tests a theory of the demand for money that is derived from a general equilibrium,endogenous growth economy, which in e.ect combines a sp ecial case of the shopping time exchangeeconomy with the cash-in-advance framework. The model predicts that both higher in.ation and financialinnovation - that reduces the cost of credit - induce agents to substitute away from money towardsexchange credit. The implied interest elasticity of money demand rises with the in.ation rate andfinancial innovation rather than being constant as is typical in shopping time specifications. Usingquarterly data for the US and Australia, we find evidence of cointegration for the money demand mo del.This money demand stability results because of the extra series that capture financial innovation; includedare robustness checks and comparison to a standard money demand specification
