Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Econometrica: Jan, 1968, Volume 36, Issue 1

Household Demand for Financial Assets<97:HDFFA>2.0.CO;2-X
p. 97-118

Michael J. Hamburger

This paper investigates the household demand for four financial assets: marketable bonds, time and savings deposits at commercial banks, life insurance reserves, and savings accounts at other financial institutions--credit unions, savings and loan associations, and mutual savings banks. The focus of the analysis is on the substitution relationships among liquid assets, and between these assets and marketable securities. The explanatory variables used in the study are: income, wealth, and the yields on various assets included in household portfolios.

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