Monetary policy and monetary asset substitution

Barry E. Jones, Adrian R. Fleissig, Thomas Elger, Donald H. Dutkowsky

Research output: Contribution to journalArticlepeer-review

12 Scopus citations


This paper shows that changing the target Federal Funds rate induces changes in relative user costs of monetary assets. Estimated Morishima elasticities of substitution from the Fourier Flexible form reveal greater substitution from transactions assets and savings deposits into small time deposits than into retail money market mutual funds.

Original languageEnglish (US)
Pages (from-to)18-22
Number of pages5
JournalEconomics Letters
Issue number1
StatePublished - Apr 2008


  • Federal funds rate
  • Fourier
  • Monetary asset substitution

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics


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