The demand for taxable and tax-exempt money market mutual funds
Article Abstract:
The demand for four categories of money market mutual funds (MMFs), namely retail taxable MMFs, institution-only taxable MMFs, retail tax-exempt MMFs and institution-only tax-exempt MMFs is analyzed. Using monthly data between 1984 and 1995, the factors affecting the demand for these types of MMFs are investigated. In addition, tests on SEC amendments to rule 2a-7, which were designed to lower taxable MMF risk by restricting investment in lower quality instruments and shortening allowable maturities, were conducted by using a shift dummy variable to determine their effects on demand for MMFs.
Publication Name: Journal of Macroeconomics
Subject: Economics
ISSN: 0164-0704
Year: 1999
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Money in the utility function: functional equivalence to a shopping-time model
Article Abstract:
The development and use of money models is analyzed. The shopping-time microfoundations money model sets foundations for application similar to a money-in-the-utility function (MUF) model. The shopping-time model serves as a good background for MUF applications since it precludes macroeconomic factors in equivalent utility functions and signs second partial derivatives. The role of money must be well-defined to determine the appropriate moeny model for analysis.
Publication Name: Journal of Macroeconomics
Subject: Economics
ISSN: 0164-0704
Year: 1993
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The quantity theory of money and its long-run implications
Article Abstract:
The quantity theory of money is examined in its three propositions: the neutrality hypothesis, the Fisher hypothesis and the monetary approach to exchange rate determination. The study is applied to Canada, France, West Germany, Italy, the UK and the US. Its dynamic framework includes the long-run proposition while allowing for short-run deviation. The satisfaction of the three propositions is supported by two countries only.
Publication Name: Journal of Macroeconomics
Subject: Economics
ISSN: 0164-0704
Year: 1995
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