国家金融研究院

National Academy of Financial Research

工作论文

当前位置: 首页 > 论文 > 工作论文

【IMI Working Paper No. 2106 [EN]】Population Aging and Money Demand

发布日期:2021-09-01来源:

【Abstract】

This paper proposes the hypothesis that population aging could lead to higher demand for money. A testable implication is derived from this hypothesis on the basis of Friedman’s money demand function, which is that the proportion of old-age population is negatively correlated with the velocity of money. The testable implication is verified with the cross section data of 204 countries and the time series data of the US. This paper’s study provides a partial explanation for why the quantity theory of money appears ineffective in developed countries.

【Keywords】

Money Demand; Population Aging; the Quantity Theory of Money

【Authors】

Wang Lei, School of Economics, Hangzhou Normal University

Zhu Taihui, Research Fellow of IMI, Research Institute of JD Technology


上一篇:【IMI Working Papers NO.2128】信用货币:裂变与挑战 下一篇:【IMI Working Papers NO.2127】宏观审慎政策降低了银行盈利性吗?

国家金融研究院公众号