Current Issues in Monetary Policy in the United States and Japan: The Predictability of Money Demand

This book has been a product of inspiration, guidance and support from many individuals. Professor Fritz Machlup provided me with the impetus to undertake a study of "The Demand for Money" in the Fall of 1980. His suggestion to become the advising chairman of my doctoral dissertation with Professors Michael J. Hamburger and Jonas Prager as additional committee members gained my commitment to this topic.

It was Professor Clive Bull who brought Japan into this book and devoted endless hours to the perfection and fine- tuning of this project. I am also grateful to Professor Prager for our long cooperation at the Economics Department of New York University and for his enthusiasm and extreme care in reading and commenting on the separate chapters. I am equally grateful to Professor Ryuzo Sato who, through the Center for Japan-U.S. Business and Economic Studies of New York University, introduced me to the peculiarities of the Japanese economy, inspired in me professional excellence, and enabled me to obtain unpublished Japanese data. The three of them gave unsparingly of their time, knowledge, and experience for this book, and I have greatly benefited from their expert advice and penetrating criticism.

This book would have never been written if not for the support of good friends and family members. My profound

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