Fujiki, Hiroshi; Hsiao, Cheng; Shen, Yan - In: Monetary and Economic Studies 20 (2002) 2, pp. 1-23
We use annual Japanese prefecture data on income, population, demand deposits, and saving deposits from 1992 to 1997 to investigate the issue of whether there exists a stable money demand function under the low interest rate policy. The evidence appears to support the contention that there does...