English, Article edition: Is There a Stable Money Demand Function under the Low Interest Rate Policy? A Panel Data Analysis Fujiki, Hiroshi; Hsiao, Cheng; Shen, Yan

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Is There a Stable Money Demand Function under the Low Interest Rate Policy? A Panel Data Analysis
Author
  • Fujiki, Hiroshi
  • Hsiao, Cheng
  • Shen, Yan
Physical Description
  • article
Notes
  • 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 Ml. 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.
  • RePEc:ime:imemes:v:20:y:2002:i:2:p:1-23
Language
  • English
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