Money Demand and Income Distribution: Evidence from Annual Data
利用美国年度数据检验货币需求的交易理论，发现收入分配越不平等，货币需求反而增加，与理论预测相反，且该结果对多种衡量指标和模型设定均稳健。
Transactions (and precautionary) theories of money demand imply that the more unequal the distribution of income (or transactions), the lower the demand for money. This paper presents evidence that contradicts this implication of transactions theories of money demand. Using annual U.S. data, it is found that as income becomes more unequally distributed, the demand for money increases rather than decreases. The result is found to be robust to a variety of distribution measures and money-demand specifications. Copyright 1993 by MIT Press.