Work

The Value of Time and the Transactions Demand for Money

Year: 1990

Type: article

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.

Source: Journal of money credit and banking

DOI: 10.2307/1992127

Author: Kevin Dowd

Language: English

Topic: Monetary Policy and Economic Impact

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Decent work and economic growth

Open Access status: green

OpenAlex ID: W2024906374

FWCI: 3.692

Cites: 15

Cited by: 28

Related to: 10