This paper presents estimates of a demand function for broad money in Japan. The function explains both secular trends … inclusion of wealth and a measure of the return on holding broad money is essential to the specification of the money …

area M3. We nd that the elasticities in the money demand and the real wealth relations identi ed previously in Beyer (2009 …-to-real transformation is not rejected for the money relation whereas the wealth relation cannot be expressed in real terms. …

crisis and the ECB's non-standard monetary policy measures, we find that the money demand and the real wealth relations … wealth relation cannot be expressed in real terms. …