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De Vraag Naar Liquiditeiten in Nederland, 1952–1971

The demand for money in the Netherlands: 1952–1971

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Summary

This study examines the demand for money (broadly defined) in the Netherlands. The basic model assumes the long run demand for money to depend upon expected real income and prices, the rate of interest and a cyclical indicator. The actual money balances approach equilibrium with an exponentially distributed lag. The model is estimated with seasonally adjusted quarterly data covering the period 1952: I-1971:IV. We found an income elasticity of 0.85 and an interest elasticity of −0.20, a price elasticity close to 1 and a negative correlation between the demand for money and the cyclical indicator. We also found some statistical evidence for the hypothesis that the demand function is stable over time.

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Authors
  1. M. M. G. Fase
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  2. J. B. Kuné
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Additional information

De auteurs zijn hoofd resp. medewerker van de sectie wetenschappelijk onderzoek en econometrie op De Nederlandsche Bank N.V. Ze zijn de heer N. J. A. van der Hoeven veel dank verschuldigd voor zijn hulp bij de uitvoering van de berekeningen.

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Fase, M.M.G., Kuné, J.B. De Vraag Naar Liquiditeiten in Nederland, 1952–1971. De Economist 122, 326–356 (1974). https://doi.org/10.1007/BF01680114

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