Berentsen, Aleksander and Huber, Samuel and Marchesiani, Alessandro. (2018) Limited Commitment and the Demand for Money. The economic journal, 128 (610). pp. 1128-1156.
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Official URL: https://edoc.unibas.ch/67243/
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Abstract
Understanding money demand is important for our comprehension of macroeconomics and monetary policy. Its instability has made this a challenge. Common explications for the instability are financial regulations and financial innovations that shift the money demand function. We provide a complementary view by showing that a model where borrowers have limited commitment can significantly improve the fit between the theoretical money demand function and the data. Limited commitment can also explain why the ratio of credit to M1 is currently so low, despite that nominal interest rates are at their lowest recorded levels.
| Faculties and Departments: | 06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Wirtschaftstheorie (Berentsen) |
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| UniBasel Contributors: | Berentsen, Aleksander |
| Item Type: | Article, refereed |
| Article Subtype: | Research Article |
| Publisher: | Blackwell |
| ISSN: | 0013-0133 |
| Note: | Publication type according to Uni Basel Research Database: Journal article |
| Related URLs: | |
| Identification Number: |
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| Last Modified: | 27 Dec 2018 10:40 |
| Deposited On: | 27 Dec 2018 10:40 |
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