The money-age distribution: Empirical facts and the limits of three monetary models

► The money-age distribution is hump-shaped for the US post-war economy. ► There is no clear-cut relation between the variation of money holdings within generations and age. ► Money is only weakly correlated with both income and wealth. ► We analyze three motives for money demand in an OLG setup to explain these observations. ► None of the three models satisfactorily explains these stylized facts.