The Demand for Money and the Term Structure of Interest Rates
Bibliographic Data
| ID | 10178296 |
|---|---|
| Authors | H Robert Heller, Mohsin S Khan (0000-0001-7420-2455) |
| Year | 1979 |
| Volume | 87 |
| Issue | 1 |
| Pages | 109-129 |
| Publication date | 1979-02-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/260742 |
| OpenAlex | W1969876636 |
| Language | EN |
| Citations received | 6 |
| References cited | 3 |
It has been argued recently by Friedman that the whole term structure of interest rates rather than any single rate represents the relevant opportunity cost of holding money. The purpose of this paper is to present a way to incorporate the term structure in the demand-for-money function compactly with a few parameters and offer empirical evidence for the United States over the period 1960-76 supporting the validity of such an approach. Furthermore, we establish that this function appeared to be stable during a period (1972-74) when standard functions using only one interest rate display significant shifts in parameters
Demand curve · Demand for money · Econometrics · Economics · Function (biology · Interest rate · Microeconomics · Monetary economics · Term (time · Yield curve · Economic theories and models · Economic Theory and Policy · Monetary Policy and Economic Impact
Interest Rates, Inflation, and the Aggregate Consumption Function
Money Demand and the Price Level
Test of the Adjustment Process and Linear Homogeneity in a Stock Adjustment Model of Money Demand
The Stability of the Demand for Money
The Effect of Term Structure of Interest Rates on the Demand for Money in the United States
The stability of the short-run money demand function, 1920–1939
| Unique citing works | 6 |
|---|---|
| Citations per year | 0,13 |
| Citation span | 1981 - 1985 (5) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 6 |