demand for money and it's stability in iran
نویسندگان
چکیده
the objective of this study is to estimate the demand for money in iran using the autoregressive distributed lag (ardl) approach to cointegration analysis. the empirical results show that there is a unique cointegrated and stable long-run relationship among m1 monetary aggregate, income, inflation and exchange rate. we find that the income elasticity and exchange rate coefficients are positive while the inflation elasticity is negative. this indicates that depreciation of domestic currency increases the demand for money, supporting the wealth effect argument and people prefer to substitute physical assets for money balances that are supporting our theoretical expectation. our results also after incorporating the cusum and cusumsq tests reveal that the m1 money demand function is stable between 1985 and 2006. jel classification: e41, e44, e4
منابع مشابه
Estimating And Forecasting Demand For Broad Money In Iran Through Cointegration Analysis And Stochastic Simulation
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عنوان ژورنال:
تحقیقات اقتصادیجلد ۴۳، شماره ۲، صفحات ۰-۰
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