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- Title
THE DEMAND FOR MONEY: THE EVIDENCE FROM THE SHORT-RUN DATA.
- Authors
Heller, H. R.
- Abstract
This article focuses on the study about the issues on the definition of money used in transactions. Active transactions balances are held for reasons that are different from those for holding idle money balances. The period covered by the study is 1947 to 1958. Quarterly observations of gross national product, wealth, short-term and long-term interest rates were related to different definitions of money. All data were seasonally adjusted by using best linear unbiased seasonal adjustments. There are three issues that Harry Johnson cited as the main unsolved empirical problems. The results together support the hypothesis that cash and demand deposits are primarily related to income, while time deposits are related to wealth.
- Subjects
MONEY; DEMAND for money; COMPENSATORY balances; GROSS national product; WEALTH; INTEREST rates; JOHNSON, Harry
- Publication
Quarterly Journal of Economics, 1965, Vol 79, Issue 2, p291
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1880633