Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/259861 
Authors: 
Year of Publication: 
2002
Series/Report no.: 
Working Paper No. 2002:6
Publisher: 
Lund University, School of Economics and Management, Department of Economics, Lund
Abstract: 
This study provides strong empirical support for modeling the demand for monetary assets within a consumer demand framework. We estimate a linearised locally flexible almost ideal demand system, containing five monetary assets, over the period 1991Q4 to 1998Q4. Estimating the system in differences is a convenient method to account for possible non-stationarity in the data, a major concern for applied macroeconomists. All significant un-compensated own-price elasticities are negative. The compensated own-price elasticities are insignificant and the majority of the income elasticities are significant. Theoretical homogeneity and symmetry propositions are satisfied.
Subjects: 
Money Demand
Almost Ideal Demand System
JEL: 
C43
D12
E41
Document Type: 
Working Paper

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