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Publicado en: Artículo en revista académica

A Systemic Approach to Modeling and Estimating Demand for Money(ies)

Rodrigo Fuentes; Klaus Schmidt-Hebbel; Mauricio Calani

Applied Economics 45(16):2141-2162, 2013.

This article uses a consumer theory-based systemic approach to model the demand for monetary liquid asset holdings in Chile. We implement the suggestions and caveats of aggregation theory for the estimation of a demand system for liquid assets (monies) in static, dynamic and time-varying parameters setups. Our results are robust and theoretically consistent with consumer theory restrictions, as a system derived from a utility maximizing framework and a quasi concave utility function. In our estimations, we find stability of interest rate elasticities, in contrast to previous related literature. We also document evidence that long (short) maturity rates are associated to less (more) liquid assets.



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