The demand for money at the zero interest rate bound
复制了Ireland(2009)的货币需求函数估计，使用1980-2013年美国数据发现对数-对数模型能捕捉零利率时期货币收入比的大幅上升，而半对数模型不能，且利率弹性仅为Lucas(2000)估计的十分之一。
Summary This paper undertakes both a narrow and wide replication of the estimation of a money demand function conducted by Ireland ( American Economic Review , 2009). Using US data from 1980 to 2013, we show that the substantial increase in the money‐income ratio during the period of near‐zero interest rates is captured well by the log–log specification but not by the semi‐log specification, contrary to the result obtained by Ireland (2009). Our estimate of the interest elasticity of money demand over the 1980–2013 period is about one‐tenth that of Lucas's paper published in 2000, which used a log–log specification. Finally, neither specification satisfactorily fits post‐2015 US data.