This paper revisits the empirical relationship between interest rates and money demand
from a novel perspective, ie, information theory. Particularly, we utilize the model-free …

The current paper aims to investigate the stability of money demand in the case of Korea.
Since the economic reforms in Korea faced considerable structural changes, it was difficult …

We investigate the optimal inflation rate using a New Keynesian model subject to non-
linearity arising from downward nominal wage rigidity (DNWR) and prolonged spells of the …

This article examines the Marshall-Lerner (ML) condition from a broader perspective.
Mundell (1968) regarded ML as the stability condition of the equilibrium, but not of the …

The present paper derives a money demand function that explicitly takes the costs of storing
money into account. This function is then used to examine the consequences of the large …

This paper estimates a money demand function using Japanese data from 1985 to 2017,
which includes the period of near-zero interest rates over the last two decades. We compare …

Abstract In Raising Keynes: A Twenty-First Century General Theory, Stephen A. Marglin
offers a provocative reformulation of Keynes' theoretical framework, stressing the importance …

A macroeconomic policy debate has been ongoing in Japan for over the past two decades,
with one side proposing drastic fiscal reforms to avoid hyperinflation and the other …

This study shows that demand for money is a function not only of interest rate, real exchange
rate, and personal consumption but also of fiscal variables like deficit, debt, and foreign …

The “strong money demand” in the title of this book is the situation where money demand
exceeds normal transaction demand. Such strong money demand has appeared twice in the …