Homogeneity and the Transactions Demand for Money
基于Frenkel-Jovanovic库存模型，推导货币需求函数的隐含形式，证明货币需求弹性满足一组同质性条件，并分析交易成本对各类弹性的影响。
The paper presents the properties of money demand implied by the Frenkel-Jovanovic (1980) inventory model. Without approximation, the money demand function is implicitly defined by the first-order condition of the model. From the implicit function, we show that the elasticities of money demand satisfy a set of homogeneity conditions. We also show that increasing transactions cost increases the cash flow elasticity, the interest elasticity (in absolute value) and the uncertainty elasticity, but decreases the transactions cost elasticity. If the ratio of cash-flow uncertainty to the transactions variable is small, then the interest elasticity is greater than 1/2. In contrast, it lies between $71 and 1/2 when the approximation method is applied.