EVANS, PAUL; WANG, XIAOJUN - In: Economic Inquiry 46 (2008) 4, pp. 587-592
"Including both monetary gold and nonmonetary gold in a standard money-in-utility model, we establish a presumption that the price elasticity of money demand should be less than 1 under commodity standards. Applying cointegration methods to data of the world, the United Kingdom, and the United...