foreign holdings of the U.S., German, and Swiss currencies constitute the bulk of international currency substitution in the …

This paper studies the dependence of velocity on stochastic monetary growth in a model where households demand money … uncertainty leads households to value money for its insurance against adverse endowment shocks. With stochastic monetary growth … the distribution of money balances across households does not settle down to a time invariant distribution, so one aim of …

This paper develops a constant, data-coherent, error correction model for broad money demand (M3) in Greece. This model … model is remarkably stable. The dynamics of money demand are important, with price and income elasticities being much …

Traditional studies of money demand for both developed and less developed countries have shown that there are periods … of "missing money," that is, there is consistent overprediction of real balances. This paper uses cointegration … results show that financial innovation can account for the instability of money demand observed in these countries. In …