We use data from the Public Opinion Surveys on Household Financial Assets and Liabilities from 1991 to 2002 to investigate the issues of unobserved heterogeneity among cross-sectional units and stability of the Japanese aggregate money demand function. Conditions that permit individual data and...

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 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 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...