Date of Original Version

1981

Type

Article

Abstract or Description

Benjamin Friedman raised on a previous occasion questions about the interpretation of the multiplier formulation in our assetmarket model of the money suppl process. These questions addressed the role of time deposits in this process. This short note establishes the consistency of an equilibrium model of assetmarket interaction centered on a multiplier formulation. It states the rationale of the procedure and the nature of time deposit supply function the process.

DOI

10.1016/0304-3932(81)90056-8

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Published In

Journal of Monetary Economics , 7, 1, 129-139.