The Value of Time and the Transactions Demand for Money

Kevin Dowd

28 citations0/0 files storedJournal of money credit and banking

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

This paper reexamines the hypothesis of Dean S. Dutton and William P. Gramm, and Edi Karni that the wage rate influences the demand for money as a proxy for the value of transactions time. It develops "value of time" transactions models, which yield demand for money equations that have a real wage rate argument, and compares it to a "non value of time" alternative that does not. The author finds that the "value of time" models perform well and that the "value of time" effect is empirically significant. Copyright 1990 by Ohio State University Press.

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References

1976The Economic Approach to Human Behavior 1952The Transactions Demand for Cash: An Inventory Theoretic Approach 1956The Interest-Elasticity of Transactions Demand For Cash 2000Serial Correlation as a Convenient Simplification, not a Nuisance: A Comment on a Study of the Demand for Money by the Bank of England 1979INFLATION IN THE THEORY OF PUBLIC FINANCE 1976The Origin and Development of Media of Exchange 1985Rationing by Waiting and the Value of Time: Results from a Natural Experiment 1988The Demand for Currency in the United States

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