By W.C. Boeschoten
Acknowledgements The paintings underlying this research used to be played on the Econometric and unique experiences division of the Nederlandsche financial institution, the place many contributed to it. i'm indebted to all of the statistical assistants of the dep., in particular to Anja Wouters and Rob Vet for his or her sufferer information in increase the knowledge units and analysing the survey info. additionally Corina den Broeder rendered committed and chronic study suggestions with admire to the multicountry research in the course of her remain on the financial institution and i'm thankful to Mike Clements of the financial institution of britain for his cautious examining and commenting on that half. My collegues Peter van Els and Carlo Winder made a few helpful feedback. Liesbeth Klein and Coen Collee helped me stay away from a couple of mistakes in English, and due to the skilful efforts of Marietta Bakker, Gita Gajapersad and Carolien Verhoeven the textual content appears to be like because it does. mainly, lowe a debt of gratitude to Martin Fase, one of many pioneers during this box of analysis, for his efforts and contribution to the development of this learn. advent We appear to be good with a view to a cashless society. sarcastically, besides the fact that, nearly all of the transactions are nonetheless paid in funds even within the such a lot complex economies. A moment paradoxical commentary is that, regardless of the first and customary personality of foreign money, the industrial idea at the use of and insist for money is just infrequently supported by means of empirical evidence.
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1968 Lewis and Breen (1975) Trundle and Tempelton (1982) Isachsen ''''/. (1982) Klovland (1980) Fue and Van Nieuwkerk. 059 Estimation period c private consumption; h consumption in hotel and catering industry; p: current transactions; r mail sales; y income; w real wage rate; • computed from (semi)elasticity a) banknotes only; b) before and after introduction of guaranteed cheques; computed on basis of marginal income quotes of banknote denominations; c) estimateS of Hall et al. relate to MO; d) trend because of administrative measures against foreign money (1972-1980); e) France, UK.
44 Micro-economic perspective total inflow of cash per month is acquired either by means of withdrawal with a frequency of f1 per month and an average amount of C 1 per disbursement or is acquired otherwise, for instance from employers, with a frequency of f2 per month and an average amount C2. 3) The methodology enables us to measure the average transactions cash holdings of households without directly asking for their size. This line of approach is especially valuable insofar as respondents do not give correct answers to direct questions on the size of their cash holdings.
The transactions demand, though other motives should not be neglected. Unfortunately, the elegant solution provided by Baumol in 1952 with his inventory-model, turned out to be too restrictive, inducing a great number of amendments and refinements in the following thirty years. 5, respectively, are replaced by wide ranges of possible values. Thus the income elasticity may range from 1/3 up to Theory and empirical evidence 41 over 1 and more. 5 and zero. The empirical results for currency demand correspond more or less to the findings for the broader money aggregates, especially Ml.