Estimation Of The Liquidity Trap Using A Panel Threshold Model
APPLIED ECONOMICS LETTERS(2016)
Abstract
This empirical study investigates, unlike previous studies, the presence of a liquidity trap using firm-level data. The study focuses on the case of China. A panel threshold model is employed. The empirical estimation reveals that the interest elasticity of money demand declines as the interest rate falls, a finding indicating that China has not been in a liquidity trap.
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Key words
Liquidity trap,panel threshold model,demand for money
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