TREHAN, BHARAT; WALSH, CARL E. - In: Contemporary Economic Policy 5 (1987) 1, pp. 54-63
A wide variety of explanations has been offered for the rapid M1 growth since early 1985. One such explanation focuses on a possible increase in the interest elasticity of money demand. We use a nonstructural framework and begin by simply asking how an increase in the degree of substitutability...
