Financial Innovations and the Interest Elasticity of Money Demand in Canada
Format of Original
Using Canadian data for the period 1934-86, the paper empirically tests the Gurley-Shaw hypothesis that innovations in the financial markets raise the interest elasticity of money demand. The results provide sufficient evidence to reject the Gurley-Shaw hypothesis in Canada.
Chowdhury, Abdur, "Financial Innovations and the Interest Elasticity of Money Demand in Canada" (1989). Economics Faculty Research and Publications. 345.