Money Demand and Equity Markets

Seth B. Carpenter · Joe Lange

27 citations0/0 files storedFinance and Economics Discussion Series

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Monetary Policy and Economic Impact Financial Markets and Investment Strategies Economic theories and models

Abstract

Money demand in part reflects a portfolio decision. As equities have become a significant store of household wealth, it seems plausible that variations in equity markets could affect money demand. We re-specify a standard money demand equation to include stock market volatility and revisions to analyst earnings projections. We find that these equity market variables are statistically significant and reduce the errors from money demand models.

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1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1990MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY 1969A General Equilibrium Approach To Monetary Theory 1976The Case of the Missing Money 1982The Search for a Stable Money Demand Function: A Survey Of the Post-1973 Literature 1990The demand for money 1990Chapter 8 The demand for money 2000Financial Technology Shocks and the Case of the Missing M2

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2010The Cross Section of Money Market Fund Risks and Financial Crises 2011The Demand for Money in Nigeria 2011The determinants of the demand for money in developed and developing countries

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