The paper, by means of panel data analysis, reexamines the empirical regularities strongly advocated by Alesina and Summers (1993), i.e., that (1) central bank independence and inflation are negatively correlated in industrialized countries; and that (2) central bank independence and real growth...

Following the study of U.S. regional data by Mulligan and Sala-i-Martin (1992) and the discussion by Fujiki and Mulligan (1996a) of empirical models of the demand for money, the paper uses Japanese prefectural data to estimate the parameters of a money demand function. The cross-sectional...

A central concern in the field of international finance is always capital mobility. Feldstein and Horioka (1980) propose a simple test for international capital mobility and obtain a sign of very low capital mobility. Their interesting result is often described as the Feldstein-Horioka paradox....

A framework for modeling the demand for money by households and firms is proposed. It allows for both endogenous and exogenous changes in the degree of financial sophistication as well as for multiple monetary assets.The framework is especially useful for interpreting and comparing the many...

We cross-sectionally estimate the income elasticity of money demand using Japanese prefectural deposit statistics and Japanese prefectural accounts statistics from fiscal 1955 to 2009 based on the structural model of Fujiki and Mulligan (1996a). In doing so, we update the results of Fujiki and...

We investigate the relationship between money, short-term interest rates, and scale variables. We use three monetary aggregates: Ml, demand deposits, and cash currency in circulation. Regional cross- sectional data yield stable estimates of the income elasticity of demand deposits that are...