{"title":"The Janus model of money demand","authors":"João Ricardo Faria, Peter McAdam","doi":"10.1111/ijet.12400","DOIUrl":null,"url":null,"abstract":"<p>We derive a new theoretical model of money demand, which reflects backward- and forward-looking preferences in consumption and utility. The former aspect is captured by standard habit formation, and the latter by anticipation of future consumption preferences. By introducing both of these into the Ramsey–Sidrauski framework, we unveil a new highly general model of money demand. We discuss the model in light of the apparent breakdown of money-demand functions and diminished policy relevance of monetary aggregates.</p>","PeriodicalId":44551,"journal":{"name":"International Journal of Economic Theory","volume":"20 3","pages":"334-351"},"PeriodicalIF":0.5000,"publicationDate":"2024-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Economic Theory","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/ijet.12400","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
We derive a new theoretical model of money demand, which reflects backward- and forward-looking preferences in consumption and utility. The former aspect is captured by standard habit formation, and the latter by anticipation of future consumption preferences. By introducing both of these into the Ramsey–Sidrauski framework, we unveil a new highly general model of money demand. We discuss the model in light of the apparent breakdown of money-demand functions and diminished policy relevance of monetary aggregates.
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
