Japanese paper finds income elasticity of money demand has fallen over time
A new paper by a Bank of Japan (BoJ) economist has found that the income elasticity of money demand across a range of Japanese prefectures has decreased significantly over time, from 1.2 to 1.4 in the 1980s, to as low as 0.6 in the late 2000s.
The paper, Japanese Money Demand from the Regional Data: An Update and Some Additional Results by Hiroshi Fujiki, updates an earlier study undertaken by BoJ economists in 1996, and confirms the findings from the earlier study that cross-sectional income
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