| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2157 |
| 来源ID | Working Paper 2157 |
| Money: Theoretical Analysis of the Demand for Money | |
| Bennett T. McCallum; Marvin S. Goodfriend | |
| 发表日期 | 1987-02-01 |
| 出版年 | 1987 |
| 语种 | 英语 |
| 摘要 | This paper, prepared for the New Palgrave, attempts to summarize current mainstream views concerning the theory of money demand. A model is sketched in which a representative household is depicted as seeking to maximize utility over an infinite planting horizon, with each period's consumption and leisure appearing as arguments of the utility function. The household chooses to hold non-interest-bearing money, even in the presence of assets with positive pecuniary yields, because it facilitates transactions and thereby reduces the amount of time and/or energy required in the process of "shopping', i.e., acquiring goods to be consumed. Two distinct types of implied money-demand functions are derived: a "proper" demand function with arguments exogenous to the household and a portfolio balance relationship that is more similar in specification to the type of equation that normally appears in the money-demand literature. One section of the paper briefly reviews the historical evolution of ideas pertaining to money-demand theory, and suggests that major contributors have included Marshall, Hicks, and Sidrawki. A final section considers ongoing controversies concerning the role of uncertainty, the use of overlapping-generation and cash-in-advance approaches, and the interpretation of empirical results apparently suggestive of extremely slow portfolio adjustments. |
| 主题 | Macroeconomics ; Other |
| URL | https://www.nber.org/papers/w2157 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559411 |
| 推荐引用方式 GB/T 7714 | Bennett T. McCallum,Marvin S. Goodfriend. Money: Theoretical Analysis of the Demand for Money. 1987. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2157.pdf（822KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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