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Technological change and the households' demand for currency

Lippi, Francesco and Secchi, Alessandro (2009) Technological change and the households' demand for currency. Journal of Monetary Economics, Vol. 56 (2), p. 222-230. ISSN 0304-3932. Article.

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DOI: 10.1016/j.jmoneco.2008.11.001


It is shown that accounting for technology variations, across households and periods, is important to obtain theoretically consistent estimates of the demand for currency. An inventory model is presented where the withdrawal technology is explicitly modeled. Both the level and the interest rate elasticity of cash holdings depend on the withdrawal technology available to households. Empirical proxies for the household withdrawal technology, based on the diffusion of cash withdrawal points measured at city level, are used to test the model predictions on a panel of Italian household data over the 1993-2004 period.

Item Type:Article
ID Code:1953
Uncontrolled Keywords:Money demand, transactions technology, inventory models
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/01 Economia politica
Divisions:001 Università di Sassari > 01 Dipartimenti > Economia, impresa, regolamentazione
Copyright Holders:© 2008 Elsevier B.V.
Deposited On:18 Aug 2009 10:06

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