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Additional resources for Monetary Policy: Goals, Institutions, Strategies, and Instruments
2. e. deposits with the central bank. Again deposits with other banks can also be used but they cancel in aggregation. For transactions among non-banks (and among banks and non-banks), only the components of the money stock Ml can be used as a means of payment: with all other components of the money stock, M2 and M3, direct payments either among banks or among non-banks are not possible. Thus, this function would clearly exclude broader monetary aggregates from a definition of money. 2. Money as a store of value If money is used as a means of payment, it necessarily also serves to some extent as a store of value.
Pigou (1917). It is often formulated with the inverse of the velocity, the so-called Cambridge k: This rather simple theory contains two important elements for any theory of money demand. It shows that the demand for money 1. is proportional to the amount of real transactions, represented by the real GDP; and 2. is proportional to the price level. This postulates a one-to-one relation. It can also be interpreted in a way that the demand for money is actually a demand for a real quantity of money: An important difference between the cash balance approach and subsequent theories of the demand for money is the lack of an interest rate variable.
As far as interest rates are concerned, the relevant variable is the spread between long-term and short-term interest rates. 1. INTRODUCTION The demand for money is closely related to functions and to the definition of money. As we have seen, 'money' can be defined in quite different ways. Thus, the demand for 'money' will be different depending on the combination of assets that are included in a specific monetary aggregate. The standard approaches to the demand for money focus on a narrow concept of money as it is defined by the money stock Ml.