Demand for cash with intra-period endogenous consumption

被引：4

作者：

Bar-Ilan, Avner ^{[1
]}

Marion, Nancy ^{[2
]}

机构：

[1] Univ Haifa, Dept Econ, IL-31905 Haifa, Israel

[2] Dartmouth Coll, Dept Econ, Hanover, NH 03755 USA

来源：

JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2013年 / 37卷 / 12期

关键词：

Money demand; Drift control; Consumption smoothing; TRANSACTIONS DEMAND; IMPULSE CONTROL; MANAGEMENT; INVENTORY;

D O I：

10.1016/j.jedc.2013.06.013

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We extend the literature on the demand for money by relaxing the assumption of a constant rate of consumption. Although total consumption is still fixed over the period, agents can choose more than one rate of consumption and cash depletion in the period to minimize the cost of money management. Consistent with empirical evidence, we find that agents do not smooth intra-period consumption. Instead, their rate of consumption will be positively related to their cash position. This positive correlation depends on the volatility of the consumption process. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：2668 / 2678

页数：11

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