Financial Market Risk and U.S. Money Demand

Financial Market Risk and U.S. Money Demand
This paper examines empirically U.S. broad money demand emphasizing the role of financial market risk. We find that money demand rises with the liquidity risk of stock markets or the credit risk of corporate bond markets. After controlling for the effect of financial market risk, money demand becomes relatively stable over the last 35 years. At... READ MORE...

Publication date: April 2007
ISBN 9781451866537
$18.00

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