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Author Listed: Burkhard Heer Alfred Maussner Paul D. McNelis Registered: Burkhard Heer Alfred Maussner Paul D. McNelis AbstractThe money-age distribution is hump-shaped for the US post-war economy. There is no clear cut relation between the variation of money holdings within generations and age. Furthermore, money is found to be only weakly correlated with both income and wealth. We analyze three motives for money demand in an overlapping generations model in order to explain these observations: 1) money in the utility, 2) an economy with costly credit service, and 3) limited participation. All three models are consistent with the hump-shaped relation between average money holdings and age, yet they predict a much closer association between money holdings, income, wealth, and age than we find in the data. Only the limited-participation model partly replicates the low bivariate correlation between money and income as well as between money and interest bearing assets. None of the three models satisfactorily explains these stylized facts. Suggested Citation Burkhard Heer & Alfred Maussner & Paul D. McNelis, 2007. "The Money-Age Distribution: Empirical Facts and Limited Monetary Models," CESifo Working Paper Series 1917, CESifo. Handle: RePEc:ces:ceswps:_1917 Download full text from publisher

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Ragot, Xavier, 2014. "The case for a financial approach to money demand," Journal of Monetary Economics, Elsevier, vol. 62(C), pages 94-107. Xavier Ragot, 2008. "The case for a financial approach to money demand," PSE Working Papers halshs-00586066, HAL. Xavier Ragot, 2014. "The case for a financial approach to money demand," Post-Print halshs-00978785, HAL. Xavier Ragot, 2014. "The case for a financial approach to money demand," Sciences Po publications info:hdl:2441/4vm8e5vhjr9, Sciences Po. Xavier Ragot, 2014. "The case for a financial approach to money demand," PSE-Ecole d'茅conomie de Paris (Postprint) halshs-00978785, HAL. Ragot, X., 2010. "The Case for a Financial Approach to Money Demand," Working papers 300, Banque de France. Xavier Ragot, 2009. "The Case for a Financial Approach to Money Demand," 2009 Meeting Papers 474, Society for Economic Dynamics. Xavier Ragot, 2008. "The case for a financial approach to money demand," Working Papers halshs-00586066, HAL. repec:hal:spmain:info:hdl:2441/4vm8e5vhjr99cb1ekr86bivlk0 is not listed on IDEAS Yaz Terajima & Jose-Victor Rios-Rull & C脙漏saire Meh & Shutao Cao, 2013. "Demand for Liquidity and Welfare Cost of Inflation by Cohort and Age of Households," 2013 Meeting Papers 569, Society for Economic Dynamics. Most related items These are the items that most often cite the same works as this one and are cited by the same works as this one. Heer, Burkhard & Mau脽ner, Alfred, 2012. "The Burden Of Unanticipated Inflation: Analysis Of An Overlapping-Generations Model With Progressive Income Taxation And Staggered Prices," Macroeconomic Dynamics, Cambridge University Press, vol. 16(2), pages 278-308, April. Heer, Burkhard & Mau脽ner, Alfred & McNelis, Paul D., 2011. 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"Inflation and Inequality," Working Papers 199, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. Stefania Albanesi, 2002. "Inflation and Inequality," Macroeconomics 0201002, University Library of Munich, Germany. Stefania Albanesi, 2001. "Inflation and Inequality," LIS Working papers 323, LIS Cross-National Data Center in Luxembourg. Albanesi, Stefania, 2002. "Inflation and Inequality," CEPR Discussion Papers 3470, C.E.P.R. Discussion Papers. Heer, Burkhard & S眉ssmuth, Bernd, 2013. "Tax bracket creep and its effects on income distribution," Journal of Macroeconomics, Elsevier, vol. 38(PB), pages 393-408. Heer, Burkhard & S眉ssmuth, Bernd, 2013. "Tax bracket creep and its effects on income distribution," Working Papers 123, University of Leipzig, Faculty of Economics and Management Science. More about this item Keywords money-age distribution; money demand; OLG model; All these keywords. Statistics Access and download statistics Corrections

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