Bond yield uncertainty and the demand for money : A comment |
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Authors: | Stuart D Allen Shaw Cooke |
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Abstract: | The purpose of this paper is to reconsider the work recently reported by Amihud that the demand for money is an increasing function of the risk of holding bonds. Our evidence from testing annual and quarterly Cambridge k and demand-for-money equations cannot confirm the positive and significant bond-yield uncertainty coefficient reported by Amihud in a semi-annual Cambridge k equation. |
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