Financial innovation and demand for money: some empirical evidence
Recent criticism of money growth targets has been based on the implications of spreading financial innovation, since the latter has been considered to undermine monetary policy effectiveness both by bringing about an increase in the interest elasticity of money demand and by producing instability of...
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| Veröffentlicht in: | Applied economics 1990-10, Vol.22 (10), p.1437-1442 |
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| container_title | Applied economics |
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| creator | Cesarano, Filippo |
| description | Recent criticism of money growth targets has been based on the implications of spreading financial innovation, since the latter has been considered to undermine monetary policy effectiveness both by bringing about an increase in the interest elasticity of money demand and by producing instability of the money demand function. The empirical results presented in this paper - focusing on a single and specific case of financial innovation particularly suited to study the isssue at stake - falsify both hypotheses. |
| doi_str_mv | 10.1080/00036849000000114 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0003-6846 |
| ispartof | Applied economics, 1990-10, Vol.22 (10), p.1437-1442 |
| issn | 0003-6846 1466-4283 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_37034092 |
| source | Business Source Complete; Periodicals Index Online; Taylor & Francis Journals Complete |
| subjects | Demand for money Economic stabilization Effects Elasticity of demand Finance Financial innovation Monetary policy Monetary theory Money markets Money supply Statistical analysis Studies Treasury bills |
| title | Financial innovation and demand for money: some empirical evidence |
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