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Journal articles on the topic 'Money demand function'

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Published: 4 June 2021
Last updated: 15 February 2022

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1

HAMBURGER, MICHAEL J. "A STABLE MONEY DEMAND FUNCTION." Contemporary Economic Policy 5, no. 1 (January 1987): 34–40. http://dx.doi.org/10.1111/j.1465-7287.1987.tb00242.x.

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2

Sumner, Michael. "Leakages from the money demand function." Applied Economics 23, no. 3 (March 1991): 531–34. http://dx.doi.org/10.1080/00036849100000029.

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3

Harb, Nasri, and Mohammed Nur Hussain. "Money demand function in SAARC countries." International Journal of Economics and Business Research 7, no. 4 (2014): 444. http://dx.doi.org/10.1504/ijebr.2014.062907.

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4

Bhatta, Siddha Raj. "Stability of Money Demand Function in Nepal." Banking Journal 3, no. 1 (January 27, 2013): 1–27. http://dx.doi.org/10.3126/bj.v3i1.7508.

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This paper examines the long-run stability issue of money demand function in Nepal using the annual data set of 1975-2009 by using the recently developed ARDL modelling to cointegration popularized by Pesaran and Shin (1999). The bounds test shows that there exists the long-run cointegrating relationship among demand for real money balances, real GDP, and interest rate in case of both narrow and broad monetary aggregates. Further, the CUSUM and CUSUMSQ test reveal that both the long-run narrow and broad money demand functions are stable. The results show that demand for money balance in Nepal is a stable and predictable function of a few variables and the central bank can rely on the monetary aggregates as intermediate targets for achieving the broad economic objectives.DOI: http://dx.doi.org/10.3126/bj.v3i1.7508 Banking Journal Vol.3(2) 2013 pp.1-27
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5

Vukovic, Marija, Ljiljana Miletic, and Jelena Maravic. "Estimation of money demand function for reserve money in Serbia." Industrija 44, no. 4 (2016): 141–57. http://dx.doi.org/10.5937/industrija44-11952.

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6

Tumturk, Oguz. "Stability of Money Demand Function in Turkey." Business and Economics Research Journal 8, no. 1 (March 18, 2017): 35–48. http://dx.doi.org/10.20409/berj.2017126243.

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7

Leventakis, John A., and Sophocles N. Brissimis. "INSTABILITY OF THE U.S. MONEY DEMAND FUNCTION." Journal of Economic Surveys 5, no. 2 (June 1991): 131–61. http://dx.doi.org/10.1111/j.1467-6419.1991.tb00130.x.

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8

Harb *, Nasri. "Money demand function: a heterogeneous panel application." Applied Economics Letters 11, no. 9 (September 2004): 551–55. http://dx.doi.org/10.1080/1350485042000225739.

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9

Cheong Tang, Tuck. "Money demand function for Southeast Asian countries." Journal of Economic Studies 34, no. 6 (November 6, 2007): 476–96. http://dx.doi.org/10.1108/01443580710830952.

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10

Bae, Youngsoo, and Robert M. de Jong. "Money demand function estimation by nonlinear cointegration." Journal of Applied Econometrics 22, no. 4 (2007): 767–93. http://dx.doi.org/10.1002/jae.915.

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11

Al Rasasi, Moayad H. "Assessing the Stability of Money Demand Function in Saudi Arabia." International Journal of Economics and Financial Research, no. 62 (February 15, 2020): 22–28. http://dx.doi.org/10.32861/ijefr.62.22.28.

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This paper aims to investigate the stability of money demand function for Saudi Arabian economy over the period of 2007:Q1-2018:Q4 by applying various structural break tests. The obtained results from the utilized tests reveal the stability of money demand function. The estimated money demand function also shows the impact of income on money demand is consistent with theory expectations in addition to the positive impact of exchange rate and interest rate on the demand for money. Moreover, the estimated error correction model indicates that money demand needs about 5 quarters to adjust to its equilibrium path in case it deviates from the steady state condition.
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12

Nyumuah, Felix S. "The Impacts of Interest Rate and Exchange Rate Volatilities on the Demand for Money in Developing Economies." International Journal of Economics and Finance 10, no. 3 (January 31, 2018): 56. http://dx.doi.org/10.5539/ijef.v10n3p56.

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Volatilities in the interest rate and the exchange rate cause instability in money demand functions. This study investigates the effect of interest and exchange rates volatilities on money demand in developing countries using time series data of four African countries namely, Equatorial Guinea, Gambia, Nigeria and Uganda. The model used is a conventional log linear money demand function, with money demand specified as a function of income, interest rate, inflation rate, exchange rate, interest rate volatility and exchange rate volatility. The results show that on the whole the interest rate and exchange rate volatilities do not have significant effects on money demand in developing countries. However, the money demand functions of these economies prove unstable. These findings imply that the monetary authorities should resort to inflation targeting monetary policy and employ the interest rate as the policy instrument.
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13

Adil, Masudul Hasan, Neeraj Hatekar, and Pravakar Sahoo. "The Impact of Financial Innovation on the Money Demand Function: An Empirical Verification in India." Margin: The Journal of Applied Economic Research 14, no. 1 (February 2020): 28–61. http://dx.doi.org/10.1177/0973801019886479.

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Traditional money demand functions are often criticized for persistent over-prediction, implausible parameter estimates, highly serially correlated errors and unstable money demand. This study argues that some of these problems may have emerged for the lack of factoring financial innovation into the money demand function. This study estimates money demand for India during the post-reform period, from 1996:Q2 to 2016:Q3. The money demand function is estimated with the linear ARDL approach to cointegration developed by Pesaran, Shin, & Smith (2001), Bounds testing approaches to the analysis of level relationships, Journal of Applied Econometrics, 16(3), 289–326, after employing various proxies for financial innovation. In conclusion, the study finds that there is a stable long-run relationship among variables, such as real money balances, and the scale and opportunity cost variables. In a nutshell, the study assesses the relative importance of financial innovation variables in the money demand equation, and finds that financial innovation plays a very significant role in the money demand specification and its stability. JEL Classification: E41, E44, E42, E52, O16, O53
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14

Nair, Mahendhiran, Muthi Samudram, and Santha Vaithilingam. "Malaysian Money Demand Function Revisited: The ARDL Approach." Journal of Asia-Pacific Business 9, no. 2 (May 27, 2008): 193–209. http://dx.doi.org/10.1080/10599230801981944.

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15

Mizen, Paul. "Microfoundations for a Stable Demand for Money Function." Economic Journal 107, no. 443 (July 1, 1997): 1202–12. http://dx.doi.org/10.1111/j.1468-0297.1997.tb00019.x.

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16

HAMORI, NAOKO, and SHIGEYUKI HAMORI. "Stability of the money demand function in Germany." Applied Economics Letters 6, no. 5 (May 1999): 329–32. http://dx.doi.org/10.1080/135048599353339.

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17

Lee, Chien-Chiang, and Mei-Se Chien. "Stability of money demand function revisited in China." Applied Economics 40, no. 24 (December 2008): 3185–97. http://dx.doi.org/10.1080/00036840600994153.

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18

Choi, Kyongwook, and Chulho Jung. "Structural changes and the US money demand function." Applied Economics 41, no. 10 (April 2009): 1251–57. http://dx.doi.org/10.1080/00036840601007385.

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19

Fadil, Farah. "Saudi Arabia's Money Demand Function: A Further Comment." Journal of Economic Studies 12, no. 5 (May 1985): 67–70. http://dx.doi.org/10.1108/eb002616.

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20

Gupta, Kanhaya L., and Bakhtiar Moazzami. "Dynamic specification and the demand for money function." Economics Letters 27, no. 3 (January 1988): 229–31. http://dx.doi.org/10.1016/0165-1765(88)90175-9.

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21

MacDonald, Ronald, and Mark P. Taylor. "A stable US money demand function, 1874–1975." Economics Letters 39, no. 2 (June 1992): 191–98. http://dx.doi.org/10.1016/0165-1765(92)90289-b.

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22

Sadeghi, Farzaneh, and Saeed Khadivy Rofougar. "THE MONEY DEMAND FUNCTIONS IN ISLAMIC ECONOMY: NEW EVIDENCE FROM IRAN-ARDL APPROACH." Journal of Islamic Monetary Economics and Finance 4, no. 2 (February 9, 2019): 205–22. http://dx.doi.org/10.21098/jimf.v4i2.922.

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The demand for money is one of the most fundamental issues of the monetary economy for policy decision. On the other hand, according to the principle of prohibition of Riba, attitudes about the money market conditions in Islamic economics, is quite different from conventional economics. Hence achieving the money demand function in an Islamic country would be necessary. Most studies about the money demand in Islamic economy used the Keynesian approach, while in modern macroeconomics, money demand function derived by using the microeconomics-based approach. Hence in this article investigate some models of the microeconomics-based approach, then, in accordance with Islamic principles, it choose the best among them that is shopping-time model. After that we derive the Islamic money demand function. The results indicate that the demand for money is the function of income and rental rates of sukuk. The marginal product of capital due to an additional unit of income spend for Infaq (spending in Allah's way), depend on the expected inflation rate, depreciation rate and rental rates of Sukuk. In this paper, apply ARDL approach to estimate the money demand function in Islamic republic of Iran in period of 1978-2008 i.e. after Islamic revolution. The results suggested that M1 and M2 money demand are co-integrated with income and rental rate of Sukuk. Incorporating CUSUM and CUSUMSQ tests into co-integration analysis, we conclude that M2 money demand is more stable than M1.
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23

Kapingura, Forget Mingiri. "The Stability Of The Money Demand Function In South Africa: A VAR-Based Approach." International Business & Economics Research Journal (IBER) 13, no. 6 (October 31, 2014): 1471. http://dx.doi.org/10.19030/iber.v13i6.8935.

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The study examines the stability of the money demand function from 1994 to 2012 using quarterly data. The study utilises the Johansen co-integration to analyse the long-term relationship between the money demand function and its determinants. The CUSUM and CUSUMSQ were also used to examine the stability of the South African money demand function. The co-integration test proved that there exists a long-term relationship between the money demand function and its determinants. However, the CUSUM and CUSUMSQ proved that the South African money demand was unstable from 2003 to 2007. This therefore justifies the use of the repo rate as a monetary policy tool as compared to the monetary aggregates.
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24

Kerdpitak, Chayanan. "Demand for Money Function in Case of Philippines: An Empirical Analysis." Research in World Economy 11, no. 1 (March 6, 2020): 220. http://dx.doi.org/10.5430/rwe.v11n1p220.

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An effective formulation of monetary policy provides an empirical and coherent model of money related with demand. In order for the monetary authorities to understand the demand for the purpose of money function, the steadiness of money demand is important as it leads towards an application of efficient monetary policy. In order to examine the stability of money demand function of Philippines, following study was conducted with broad money, real asset price index, GDP deflator, real GDP, long-term interest rate and short-term interest rate. For empirical investigation, unit root test, cointegration, and Granger-Causality tests were used. However, the findings of the cointegration suggests that cointegration reveals there is presence of linear combinations, and results shows that there are four cointegrating equations present. Therefore, it is evident that there are at least 4 cointegrating relations between the variables. Hence, some of macroeconomic indicators can be used to predict the broad money due to presence of vector. However, the Granger-Causality shows that no macroeconomic variable granger cause broad money (M1). Therefore, the selected macroeconomic indictors RS, LS, CPI, GDP deflator, RGDP and AP/P cannot be used to predict the variation in the broad money (M1) in case of Philippines. This means the money demand function in Philippines is not stable, and for this purpose further investigation is suggested by increasing sample size and time window in quarterly or semi-annually.
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25

Mumba, Peter Nsokolo, and Emmanuel Ziramba. "An Analysis of the Money Demand Function for Zambia: A Gregory Hansen Cointegration Approach." Journal of Economics and Behavioral Studies 13, no. 1(J) (March 31, 2021): 1–12. http://dx.doi.org/10.22610/jebs.v13i1(j).3050.

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The objective of this study was to analyze the money demand function for Zambia for the period 1978 – 2018 using annual time series data. The study employed the Gregory Hansen cointegration technique. The study also employed Hendry’s General to Specific technique to estimate the error correction model by obtaining a parsimonious model. The results of the Gregory Hansen test confirmed the presence of a cointegrating relationship and selected the GH-2 model as the most plausible model with a level shift and a trend. The results also endogenously determined 1994 as the break year in the money demand function. Other interesting results obtained by the study suggest that inflation and interest rate are the robust determinants of real money demand both in the short and long run. Furthermore, unlike many other developing countries, the results show that money is a necessity in Zambia. The other interesting results suggested by the study are that the financial sector reforms of 1994 diminished the demand for real money; however, the positive time trend suggests that there has been an increase in real money holdings over time in Zambia. The low-interest elasticity of money demand also potentially compromises the effectiveness of money supply as a monetary policy tool for economic stabilization. The results of the CUSUM and CUSUMSQ confirm the stability of the money demand function in Zambia.
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26

Niyimbanira, Ferdinand. "Money Demand In South Africa Revisited: A Detailed Analysis Of Different Models." International Business & Economics Research Journal (IBER) 12, no. 4 (March 27, 2013): 427. http://dx.doi.org/10.19030/iber.v12i4.7741.

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Many macroeconomists acknowledge the importance of behavior in a money demand relationship when formulating an efficient monetary policy. Many efforts have been made to estimate the money demand in function using many different specifications. This paper discusses South African empirical literature review of money demand. It revealed that different methods have been used to analyze the demand for money in South Africa, such as the linear function approach, the partial stock adjustment model, and the buffer stock disequilibrium money model. This study also discovered that few studies are done using co-integration and error correction methods and not all of these studies show that the money demand function in South Africa is stable. Implication for theory and practice, as well as area of future research, are also discussed in the study.
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27

Soebagiyo, Daryono. "PERANAN PENDAPATAN RIIL, TINGKAT BUNGA DAN INFLASI DALAM FUNGSI PERMINTAAN UANG." Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan 4, no. 1 (May 2, 2017): 30. http://dx.doi.org/10.23917/jep.v4i1.4015.

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This writing to see problem of real income, inflation, and interest rate in money demand function. There are some perception similarities that money demand largely depends on the income or GNP (Gross National Product), besides other factors involved, like interest and inflation rates. However, to make and estimation about money demand in and economic system, it will involved some interrelated problems. (I) The definition of the most suitable money, (2) argumentation about money demand function, (3) the stability of the function statistically from period to period.The writer persons a study model from M. Semudram with OLS (Ordinary Least Square) method towards function in the form of log linear where the variable inserted is the demanded sum of nominal money, consumers price index, nominal GNP, interest rate, and inflation rate.
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28

Deviyantini, Deviyantini, Iman Sugema, and Tony Irawan. "STRUCTURAL BREAKS DAN KETIDAKSTABILAN PERMINTAAN UANG DI INDONESIA." JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN 6, no. 2 (July 31, 2018): 47–60. http://dx.doi.org/10.29244/jekp.6.2.47-60.

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This research aims to identify the sources of instability of the money demand function (M1 and M2) due to structural changes that occur as a result of economic shocks. These shocks are technically shown by the presence of structural breaks in the data and can lead the parameters non-constancy. The instability of the money demand function was analyzed using the Gregory and Hansen test. The source of instability of the money demand was identified using time varying parameter model. This research used quarterly time series data from 1993Q1 to 2013Q4. The results show that the money demand function (M1 dan M2) is not cointegrated (unstable) and the source of the instability is exchange rate variable. Keywords: Stability money demand, Structural breaks, Time varying parameter model
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29

Deviyantini, Deviyantini, Iman Sugema, and Tony Irawan. "STRUCTURAL BREAKS DAN KETIDAKSTABILAN PERMINTAAN UANG DI INDONESIA." JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN 6, no. 2 (July 31, 2018): 47–60. http://dx.doi.org/10.29244/jekp.6.2.2017.47-60.

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This research aims to identify the sources of instability of the money demand function (M1 and M2) due to structural changes that occur as a result of economic shocks. These shocks are technically shown by the presence of structural breaks in the data and can lead the parameters non-constancy. The instability of the money demand function was analyzed using the Gregory and Hansen test. The source of instability of the money demand was identified using time varying parameter model. This research used quarterly time series data from 1993Q1 to 2013Q4. The results show that the money demand function (M1 dan M2) is not cointegrated (unstable) and the source of the instability is exchange rate variable. Keywords: Stability money demand, Structural breaks, Time varying parameter model
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30

Bischoff, Charles W., and Halefom Belay. "The Problem of Identification of the Money Demand Function." Journal of Money, Credit and Banking 33, no. 2 (May 2001): 205. http://dx.doi.org/10.2307/2673881.

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31

Bahmani-Oskooee, Mohsen. "How stable is M2 money demand function in Japan?" Japan and the World Economy 13, no. 4 (December 2001): 455–61. http://dx.doi.org/10.1016/s0922-1425(01)00064-0.

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32

Nwadike, Gerald Chimezie, and Emerenini F. M. "Stability of the Nigerian Money Demand Function (1970 - 2016)." Singaporean Journal of Business Economics and Management Studies 6, no. 7 (July 2018): 33–47. http://dx.doi.org/10.12816/0048625.

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33

Bissoondeeal, Rakesh, Michail Karoglou, and Andy Mullineux. "Breaks in the UK Household Sector Money Demand Function." Manchester School 82 (November 24, 2013): 47–68. http://dx.doi.org/10.1111/manc.12043.

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34

Andoh, Samuel K., and David Chappell. "Stability of the money demand function: evidence from Ghana." Applied Economics Letters 9, no. 13 (October 2002): 875–78. http://dx.doi.org/10.1080/13504850210158971.

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35

Damane, Moeti, Lira P. Sekantsi, and Senei Solomon Molapo. "Testing the stability of money demand function in Lesotho." International Journal of Sustainable Economy 10, no. 4 (2018): 383. http://dx.doi.org/10.1504/ijse.2018.095274.

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36

Damane, Moeti, Lira P. Sekantsi, and Senei Solomon Molapo. "Testing the stability of money demand function in Lesotho." International Journal of Sustainable Economy 10, no. 4 (2018): 383. http://dx.doi.org/10.1504/ijse.2018.10015339.

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37

Keembiyahetti, Nanadasiri, H. K. Sarath, and Chandika Gunasinghe. "Theoretical compliance of money demand function of Sri Lanka." Sri Lanka Journal of Economic Research 3, no. 2 (December 29, 2015): 55. http://dx.doi.org/10.4038/sljer.v3i2.78.

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38

Keembiyahetti, Nanadasiri, H. K. Sarath, and Chandika Gunasinghe. "Theoretical compliance of money demand function of Sri Lanka." Sri Lanka Journal of Economic Research 4, no. 1 (June 30, 2016): 58. http://dx.doi.org/10.4038/sljer.v4i1.71.

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39

Bahmani-Oskooee, M., and S. Chomsisengphet. "Stability of M2 money demand function in industrial countries." Applied Economics 34, no. 16 (November 2002): 2075–83. http://dx.doi.org/10.1080/00036840210128744.

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40

Andoh, Samuel Kojo. "Stability of the money demand function in developing countries." International Advances in Economic Research 3, no. 2 (May 1997): 230. http://dx.doi.org/10.1007/bf02294956.

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41

Moosa, Imad A. "On the specification of the demand for money function." Atlantic Economic Journal 23, no. 1 (March 1995): 77. http://dx.doi.org/10.1007/bf02298992.

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42

Rasasi, Moayad Al, Fares Rawah, and Bander Alghamdi. "On the nexus between Stock Market Fluctuations and the Demand for Money in Saudi Arabia." Business and Economic Research 10, no. 1 (January 13, 2020): 142. http://dx.doi.org/10.5296/ber.v10i1.16231.

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This research paper estimates the augmented money demand function for Saudi Arabia while incorporating stock prices as one of the key determinants and utilizing quarterly data spanning over the period of 2010-2018. The estimated money demand function coincides with theoretical expectation regarding income and interest rate over long run. In Particular, the demand for money is statistically significant and positively related with income while it’s negatively related with interest rate. On stock prices, the findings suggest that they are statistically significant and have positive impact on money demand over the long run. Moreover, the estimated error correction model indicates that it takes money demand about two quarters to adjust to its equilibrium condition.
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43

Azar, Samih Antoine. "Gold and US money demand." Economics and Business Letters 7, no. 3 (October 10, 2018): 108. http://dx.doi.org/10.17811/ebl.7.3.2018.108-114.

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This letter is about the long run cointegration relation of the US money demand function that incorporates a gold price variable. A three-equation model is jointly constructed and estimated. The first equation has real gold prices, as a dependent variable, and real money, the real dollar index, a scale variable, and the lagged cointegration residual as independent variables. All the variables are in first-differences of the logs except the cointegration residual. The second equation is the cointegration regression with the same variables in log levels. And the third equation is a GARCH model of the conditional variance of residuals. Two different scale variables are chosen: the industrial production index and the real personal disposable income. Both variables produce close estimates. All coefficients are of the correct expected sign and are statistically different from zero. The evidence presented is highly supportive of the model. In particular we find long run money neutrality, and long run constant economies of scale for both scale variables. Moreover, both the short run and long run elasticities of the real dollar index are also unitary. Surprisingly real money and each one of the two scale variables, have no short run effects on the log of real gold prices, but have only long run effects. One can no more exclude gold from the US money demand without incurring a mis-specification. In this regard gold may be the missing variable that produces the structural breaks found in the literature.
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44

Kyer, Ben L., and Gary E. Maggs. "A note on wealth in the money demand function and aggregate demand elasticity." Atlantic Economic Journal 22, no. 2 (June 1994): 92. http://dx.doi.org/10.1007/bf02310198.

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45

Al-Shami, Salam, and Quahtan Al-Rubeiey. "Determinants of Money Supply in Light of Price Changes in Iraqi Economy: (1990 – 2014)." Journal of Global Economy 13, no. 2 (June 26, 2017): 83–103. http://dx.doi.org/10.1956/jge.v13i2.458.

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This research addresses the main factors that determine Iraqi money demand for the period of 1990- 2014, in light of continuous price changes as an appropriate approach to find effective monetary policy. The research problem was crystalized in the following questions can we estimate the function of money demand in the Iraqi economy with accordance of economic theories?. An assumption stating that price changes are among the most important factors determining money demand function in Iraqi economy was adopted. It was found, using descriptive analysis of data available on economic variables that express money demand and its determinants (Non-petrol GDP, CPI, and interest rate) and the use of modern econometric techniques. And finally, after estimating money demand function of Iraqi economy, it was found that there is an important role of what is going on in price changes in money demand volume for the studied period, which confirms the hypothesis, due to exceptional conditions through which Iraqi economy went, and still suffering their consequences including wars, financial crisis, and fluctuations in petrol prices, which emphasizes the importance of conducting research and studies on money demand and its determining variables on a continuous basis to ensure the success of monetary policy in achieving its objectives.
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46

Shazia Sana, Shahnawaz Malik, Muhammad Ramzan Sheikh, and Muhammad Hanif Akhtar. "Money Demand Balances and Exchange Rate in Pakistan: A Time Series Analysis." Journal of Business and Social Review in Emerging Economies 6, no. 4 (December 4, 2020): 1389–99. http://dx.doi.org/10.26710/jbsee.v6i4.1449.

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This paper investigates the impact of exchange rate on the money demand balances in Pakistan by applying linear and non-linear ARDL approach. The purpose of study is not only examining the impact of exchange rate and demand for money but also to analyze that whether demand for money in Pakistan is stable or not. For the estimation of money demand function yearly data are used from the 1972 to 2019. The findings of linear ARDL suggest that exchange rate and demand for money balances are positively related. Moreover, Non-linear ARDL exhibit that positive and negative shocks in exchange rate have mixed findings for money demand while asymmetric test shows that exchange rate has symmetric effects for money demand. Stability test suggest the stable money demand in Pakistan.
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47

Ahad, Muhammad. "Financial Development and Money Demand Function: Cointegration, Causality and Variance Decomposition Analysis for Pakistan." Global Business Review 18, no. 4 (May 2, 2017): 811–24. http://dx.doi.org/10.1177/0972150917692209.

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This study has investigated money demand function incorporating financial development, industrial production, income and exchange rate for Pakistan for time span from 1972 to 2012. Bayer–Hanck combined cointegration and Johansen cointegration approaches have been used to test cointegration among variables and vector error correction model (VECM) approach has been applied to explain the direction of causality in the long run and short run. Unit root problem has been tested by augmented Dickey–Fuller (ADF) and Phillips–Perron (PP) unit root tests. The results indicate that feedback effect is found between financial development and money demand. There is a long-run relationship existing among money demand, financial development, income, industrial production and exchange rate. Financial development is the main factor to determine money demand function in both long run and short run.
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48

Milani, Hamid. "Exchange Rate Flexibility And Monetary Policy." Journal of Applied Business Research (JABR) 14, no. 2 (September 1, 2011): 69. http://dx.doi.org/10.19030/jabr.v14i2.5715.

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<span>It has been argued that floating rates protect economies from monetary shocks originated abroad and provide great autonomy and independence. Those who have tried to use the money demand function to explain insulating properties have excluded exchange rate flexibility variable in their models. This paper estimates a money demand function that includes exchange rate flexibility as another determinant of the demand for money for the major industrialized countries.</span>
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49

Ahmed, Ather Maqsood, and Mohammad Rafiq. "Monetary Anticipations and the Demand for Money: An Application for the South Asian Region." Pakistan Development Review 26, no. 4 (December 1, 1987): 529–39. http://dx.doi.org/10.30541/v26i4pp.529-539.

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While there are a number of issues in economics which are frequently scrutinized, the most important of them probably is the determination of a stable money demand function. Other issues in this regard relate to the choice between (i) broad vs. narrow definition of money; (ii) measured vs. permanent income; (iii) short-term vs. long-term interest rate; and (iv) inclusion of a variable for inflation or expected inflation. Quite recently, a new dimension has been added to the demand for money function. It is now argued that unanticipatory changes in the nominal money supply also affect the real demand for money. Darby (1972) has proposed that unanticipatory nominal money supply behaves as a shock-absorber in the money demand function. Initially, Laidler (1980) and then Carr and Darby (1981) formulated a shock-absorber model in which they have shown empirically that unanticipatory shocks in money supply positively affect the demand for money. Inclusion of this shock variable was justified by Darby (1972) on the ground that money balances serve as a buffer stock or shock-absorber which temporarily absorbs unexpected variations in income, especially the transitory income, until an adjustment is reached in adjusting the portfolio of securities and in consumer durable goods. The shock absorber model of Carr and Darby is based on the following two hypotheses:
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50

Nakashima, Kiyotaka. "AN EXTREMELY-LOW-INTEREST-RATE POLICY AND THE SHAPE OF THE JAPANESE MONEY DEMAND FUNCTION." Macroeconomic Dynamics 13, no. 5 (October 8, 2009): 553–79. http://dx.doi.org/10.1017/s1365100509080225.

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This paper explores the shape of the Japanese money demand function in relation to the historical path of the Bank of Japan's policy rate by employing Saikkonen and Choi's [Econometric Theory 20, 301–340 (2004)] cointegrating smooth transition model. The nonlinear model provides a unified econometric framework, not only for pursuing the time profile of interest elasticity, but also to test the linearity of the Japanese money demand function. The test results for the linearity of the Japanese money demand function provide evidence of nonlinearity with a semilog model and linearity with a double-log model. Using a nonlinear semilog model, the analysis also finds that Japanese money demand comprises three regimes and that the interest semielasticity began to increase in the early 1990s when the Bank of Japan set the policy rate below 3%.
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