{"id":"https://openalex.org/W2020301574","doi":"https://doi.org/10.1086/261608","title":"The Changing Empirical Definition of Money: Some Estimates from a Model of the Demand for Money Substitutes","display_name":"The Changing Empirical Definition of Money: Some Estimates from a Model of the Demand for Money Substitutes","publication_year":1989,"publication_date":"1989-04-01","ids":{"openalex":"https://openalex.org/W2020301574","doi":"https://doi.org/10.1086/261608","mag":"2020301574"},"language":"en","primary_location":{"id":"doi:10.1086/261608","doi":"https://doi.org/10.1086/261608","is_oa":false,"landing_page_url":"https://doi.org/10.1086/261608","pdf_url":null,"source":{"id":"https://openalex.org/S95323914","display_name":"Journal of Political Economy","issn_l":"0022-3808","issn":["0022-3808","1537-534X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","ki-jl-2","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315672","host_organization_name":"University of Chicago Press","host_organization_lineage":["https://openalex.org/P4310315672","https://openalex.org/P4310315690"],"host_organization_lineage_names":["University of Chicago Press","University of Chicago"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Political Economy","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","datacite"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"http://ageconsearch.umn.edu/record/198355","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5045501298","display_name":"Michael T. Belongia","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Michael T. Belongia","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5079107511","display_name":"James A. Chalfant","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"James A. Chalfant","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":22.864,"has_fulltext":false,"cited_by_count":82,"citation_normalized_percentile":{"value":0.99184866,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":96},"biblio":{"volume":"97","issue":"2","first_page":"387","last_page":"397"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9595000147819519,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9595000147819519,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.032600000500679016,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.002899999963119626,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/divisia-monetary-aggregates","display_name":"Divisia monetary aggregates","score":0.7739999890327454},{"id":"https://openalex.org/keywords/money-demand","display_name":"money demand","score":0.49799999594688416},{"id":"https://openalex.org/keywords/weak-separability","display_name":"weak separability","score":0.7300000190734863},{"id":"https://openalex.org/keywords/asset-demand","display_name":"asset demand","score":0.44200000166893005},{"id":"https://openalex.org/keywords/aggregation-theory","display_name":"aggregation theory","score":0.5509999990463257},{"id":"https://openalex.org/keywords/controllability","display_name":"controllability","score":0.6399999856948853}],"concepts":[{"id":"https://openalex.org/C50551742","wikidata":"https://www.wikidata.org/wiki/Q5284413","display_name":"Divisia index","level":4,"score":0.9780387878417969},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6554973125457764},{"id":"https://openalex.org/C178399528","wikidata":"https://www.wikidata.org/wiki/Q5284414","display_name":"Divisia monetary aggregates index","level":5,"score":0.6111558079719543},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5800207853317261},{"id":"https://openalex.org/C48209547","wikidata":"https://www.wikidata.org/wiki/Q1331104","display_name":"Controllability","level":2,"score":0.545596182346344},{"id":"https://openalex.org/C4679612","wikidata":"https://www.wikidata.org/wiki/Q866298","display_name":"Aggregate (composite)","level":2,"score":0.5323852300643921},{"id":"https://openalex.org/C203379541","wikidata":"https://www.wikidata.org/wiki/Q1801078","display_name":"Aggregate demand","level":3,"score":0.530022919178009},{"id":"https://openalex.org/C102366305","wikidata":"https://www.wikidata.org/wiki/Q1097688","display_name":"Nonparametric statistics","level":2,"score":0.506995677947998},{"id":"https://openalex.org/C2780586882","wikidata":"https://www.wikidata.org/wiki/Q7520643","display_name":"Simple (philosophy)","level":2,"score":0.5067020058631897},{"id":"https://openalex.org/C2780009758","wikidata":"https://www.wikidata.org/wiki/Q6804172","display_name":"Measure (data warehouse)","level":2,"score":0.48966482281684875},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.45782503485679626},{"id":"https://openalex.org/C2778816174","wikidata":"https://www.wikidata.org/wiki/Q1499538","display_name":"Demand for money","level":3,"score":0.45733529329299927},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.3390364646911621},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.25127020478248596},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.23963385820388794},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.23581314086914062},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.11544051766395569},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.11269930005073547},{"id":"https://openalex.org/C189722922","wikidata":"https://www.wikidata.org/wiki/Q667481","display_name":"Open market operation","level":3,"score":0.10917997360229492},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.08125355839729309},{"id":"https://openalex.org/C28826006","wikidata":"https://www.wikidata.org/wiki/Q33521","display_name":"Applied mathematics","level":1,"score":0.08075293898582458},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C541756307","wikidata":"https://www.wikidata.org/wiki/Q65224","display_name":"Monetary reform","level":4,"score":0.0},{"id":"https://openalex.org/C192562407","wikidata":"https://www.wikidata.org/wiki/Q228736","display_name":"Materials science","level":0,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C97615858","wikidata":"https://www.wikidata.org/wiki/Q1341351","display_name":"Energy intensity","level":3,"score":0.0},{"id":"https://openalex.org/C186370098","wikidata":"https://www.wikidata.org/wiki/Q442787","display_name":"Energy (signal processing)","level":2,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C77088390","wikidata":"https://www.wikidata.org/wiki/Q8513","display_name":"Database","level":1,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C159985019","wikidata":"https://www.wikidata.org/wiki/Q181790","display_name":"Composite material","level":1,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.1086/261608","doi":"https://doi.org/10.1086/261608","is_oa":false,"landing_page_url":"https://doi.org/10.1086/261608","pdf_url":null,"source":{"id":"https://openalex.org/S95323914","display_name":"Journal of Political Economy","issn_l":"0022-3808","issn":["0022-3808","1537-534X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","ki-jl-2","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315672","host_organization_name":"University of Chicago Press","host_organization_lineage":["https://openalex.org/P4310315672","https://openalex.org/P4310315690"],"host_organization_lineage_names":["University of Chicago Press","University of Chicago"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Political Economy","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:ags:ucbecw:198355","doi":null,"is_oa":false,"landing_page_url":"https://ageconsearch.umn.edu/record/198355/files/agecon-cal-425.pdf","pdf_url":"https://ageconsearch.umn.edu/record/198355/files/agecon-cal-425.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:fip:fedlwp:1986-006","doi":null,"is_oa":false,"landing_page_url":"http://research.stlouisfed.org/wp/1986/1986-006.pdf","pdf_url":"http://research.stlouisfed.org/wp/1986/1986-006.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:ageconsearch.umn.edu:198355","doi":null,"is_oa":true,"landing_page_url":"http://ageconsearch.umn.edu/record/198355","pdf_url":null,"source":{"id":"https://openalex.org/S4306401616","display_name":"AgEcon Search (University of Minnesota, USA)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210120349","host_organization_name":"University of Minnesota Rochester","host_organization_lineage":["https://openalex.org/I4210120349"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://ageconsearch.umn.edu/record/198355","raw_type":"Text"},{"id":"doi:10.22004/ag.econ.198355","doi":"https://doi.org/10.22004/ag.econ.198355","is_oa":true,"landing_page_url":"https://doi.org/10.22004/ag.econ.198355","pdf_url":null,"source":{"id":"https://openalex.org/S4306401616","display_name":"AgEcon Search (University of Minnesota, USA)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210120349","host_organization_name":"University of Minnesota Rochester","host_organization_lineage":["https://openalex.org/I4210120349"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"}],"best_oa_location":{"id":"pmh:oai:ageconsearch.umn.edu:198355","doi":null,"is_oa":true,"landing_page_url":"http://ageconsearch.umn.edu/record/198355","pdf_url":null,"source":{"id":"https://openalex.org/S4306401616","display_name":"AgEcon Search (University of Minnesota, USA)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210120349","host_organization_name":"University of Minnesota Rochester","host_organization_lineage":["https://openalex.org/I4210120349"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://ageconsearch.umn.edu/record/198355","raw_type":"Text"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":14,"referenced_works":["https://openalex.org/W1481627382","https://openalex.org/W1588591676","https://openalex.org/W1588628750","https://openalex.org/W1600828615","https://openalex.org/W1965260541","https://openalex.org/W2004394537","https://openalex.org/W2016921506","https://openalex.org/W2049135368","https://openalex.org/W2051713707","https://openalex.org/W2061317273","https://openalex.org/W2090259380","https://openalex.org/W2989950346","https://openalex.org/W2991019137","https://openalex.org/W3027633777"],"related_works":["https://openalex.org/W4402995664","https://openalex.org/W2991019137","https://openalex.org/W2015763618","https://openalex.org/W2936777442","https://openalex.org/W2060515223","https://openalex.org/W4415988501","https://openalex.org/W2169073293","https://openalex.org/W2027725171","https://openalex.org/W3214777692","https://openalex.org/W7098524713"],"abstract_inverted_index":{"Interest-bearing":[0],"checkable":[1],"deposits":[2],"are":[3,25,55],"examined":[4],"to":[5],"test":[6],"whether":[7],"they":[8],"should":[9],"be":[10],"included":[11],"in":[12,35,84],"measures":[13],"of":[14,30,38,53,69,72,86],"the":[15,28,39,70,94],"U.S.":[16],"money":[17],"stock.":[18],"Both":[19],"Divisia":[20,89],"and":[21,83],"traditional":[22],"simple-sum":[23,95],"aggregates":[24],"constructed":[26],"on":[27,78],"basis":[29],"tests":[31,76],"for":[32,41,64],"weak":[33],"separability":[34],"a":[36,65,79,88],"model":[37],"demand":[40,46],"financial":[42],"assets.":[43],"Using":[44],"nonparametric":[45],"analysis,":[47],"we":[48],"find":[49,61],"that":[50],"several":[51],"groups":[52],"assets":[54],"compatible":[56],"with":[57],"aggregation":[58],"theory.":[59],"We":[60],"empirical":[62],"support":[63],"narrow":[66],"measure":[67],"consisting":[68],"components":[71],"current":[73],"MIA.":[74],"In":[75],"based":[77],"St.":[80],"Louis":[81],"equation":[82],"terms":[85],"controllability,":[87],"aggregate":[90],"performs":[91],"better":[92],"than":[93],"MIA":[96],"measure.":[97]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":1}],"updated_date":"2026-10-22T09:42:04.148104","created_date":"2016-06-24T00:00:00"}
