search query: @author Lane, J. / total: 7
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| Author: | Glennon, D. Lane, J. |
| Title: | Financial innovation, new assets, and the behavior of money demand |
| Journal: | Journal of Banking and Finance
1996 : MAR, VOL.20:2, p. 207-226 |
| Index terms: | MONEY DEMAND FINANCIAL INNOVATION ELASTICITY OF DEMAND |
| Language: | eng |
| Abstract: | Two fundamental changes in US banking regulations have affected the behavior of money demand (M1). The first authorized checkable deposit accounts paying explicit interest rates. The second allowed these rates to be market determine. The theoretical literature does not directly address the impact of these events, suggesting that they are primarily an empirical issue. However, the empirical literature has yet to agree on the impact of financial innovation on money demand. This paper uses a Lancaster-type choice model to analyze formally the expected impact of these two changes on the demand for money. |
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