English, Article, Journal or magazine article edition: The case for a financial approach to money demand Xavier Ragot

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Bookmark: http://trove.nla.gov.au/version/44169
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The case for a financial approach to money demand
Author
  • Xavier Ragot
Physical Description
  • preprint
Notes
  • The distribution of money across households is much more similar to the distribution of financial assets than to that of consumption levels, even controlling for life-cycle effects. This is a puzzle for theories which directly link money demand to consumption, such as cash-in-advance (CIA), money-in-the-utility function (MIUF) or shopping-time models. This paper shows that the joint distribution of money and nancial assets can be explained by an incomplete-market model when frictions are introduced into financial markets. Money demand is modeled as a portfolio choice with a fixed transaction cost in financial markets.
  • RePEc:pse:psecon:2008-56
Language
  • English
Contributed by
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