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Overdrafts and the Demand for Money
This paper presents a stochastic analysis of the demand for interest-bearing money, such as NOW accounts, when overdrafting is allowed at some penalty rate. It is shown that the short-run interest elasticity of money demand is probably large (in absolute value) and negative, but in the long run this elasticity is much smaller or even positive. It is also argued that current definitions of the monetary aggregates, which exclude unused credit, may spuriously generate instability of money demand. An alternative definition of money stock is suggested, and seems to be conceptually more satisfying.
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| PSB lt.2 - Karya Akhir | 1 | |
| TAER 8005 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | Nashville: American Economic Association 1990 |
|---|---|
| Edisi | Vol. 80, No. 5, Dec., 1990 |
| Subjek | Money demand Overdrafts Interest-bearing money |
| ISBN/ISSN | 0002-8282 |
| Klasifikasi | NONE |
| Deskripsi Fisik | 16 p. |
| Info Detail Spesifik | The American Economic Review |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas |