The Stability of Money Demand, Its Interest Sensitivity and Some Implications for Money as a Policy Guide
考察了近期关于货币需求的实证研究，发现货币需求的利率弹性高于多数经济学家的先前估计，并讨论了这一发现对M1和M2两种货币度量指标的政策含义。
An examination of recent empirical research on money demand, which states that the interest elasticity of money demand is greater than most economists previously thought. The author discusses the policy implications of this research for both the M1 and M2 measures.