Thesis On Money Demand

Thesis On Money Demand-61
The f i r s t group contains only consumption goods and l e i s u r e .The second group inc ludes aggregate 'money' and aggregate 'near money' along with consumption goods and l e i s u r e , while the t h i r d group contains only ' l i q u i d a s s e t s ' , i . , disaggregated components of 'money' and 'near money.' The demand equations f o r each model are der ived from a Gorman po la r form representat ion o f the i n d i r e c t u t i l i t y f u n c t i o n , and are evaluated using a constra ined est imat ion technique.There is no evidence of substitutability between aggregate money and aggregate near money; however, some substitutability is reported between chartered bank personal savings deposits, and trust and loan company savings deposits.

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) Donal John Donovan In present ing t h i s thes is in p a r t i a l fu l f i lment o f the requirements for an advanced degree at the Un ivers i ty of B r i t i s h Columbia, I agree that the L ibrary sha l l make it f ree ly ava i l ab le for reference and study.

I fur ther agree that permission for extensive copying of th is thes is for scho la r ly purposes may be granted by the Head of my Department or by h is representa t ives .

The estimated models were found generally to be consistent with the underlying theory, and also provided some useful information.

Money has an expenditure elasticity less than one, while near money is a luxury good.

We differ from other researchers in this area in using the ARIMA model to take expected capital gains into account when constructing rental price series for durable goods.

Three different groups of models are examined empirically.The serv ices of money and money s u b s t i t u t e s , along with the serv ices o f consumption goods (durable and non durable) and l e i s u r e are assumed to enter as arguments in the representat ive household's u t i l i t y f u n c t i o n .The t h e o r e t i c a l part o f the thes is cons is ts of apply ing the too ls of modern u t i l i t y theory to the p a r t i c u l a r problem of the demand f o r money.The development and solution of the model provides a clear basis for interpreting the demand equations used in estimation, and also makes explicit various assumptions implicit in previous empirical models in this area.In particular, derivation of the rental price of money and money substitutes serves to clarify the role of expectations and the relationship between the rental prices of money and goods within the direct utility model.We d i f f e r from other researchers in t h i s area in using the ARIMA model to take expected cap i ta l gains in to account when const ruc t ing rental p r i c e s e r i e s f o r durable goods.i i • Three d i f f e r e n t groups of models are examined e m p i r i c a l l y .The purpose of this research is to develop and test a model of the demand for money within a general optimising model of household behaviour.The framework adopted is the direct utility approach.Rose ABSTRACT The purpose of t h i s research is to develop and tes t a model o f the demand f o r money wi th in a general opt imis ing model of household behaviour.The framework adopted i s the d i r e c t u t i l i t y approach.

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