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 ...

The main purpose of this study is to ascertain the determinants demand for money and its stability in Azerbaijan using monthly time series data spanning from January 2006 November 2020. Johansen cointegration, vector error correction model (VECM) Impulse Response Function were employed investigate relationship between real (M1), macroeconomic variables, namely income, inflation, interest rate e...

There have been two broad theories of inflation, namely the demand-pull theory of inflation (that is nowadays mainly the monetary theory of inflation) and the cost-push theory of inflation. The mainstream macroeconomics views inflation as a monetary phenomenon in the long run. Iran has experienced double-digit rates of inflation for about four decades. Our main aim is an explanation for the lon...

This study investigates the impact of monetary policy on balance of payments (BOP) adjustment in Nigeria within the periods, 1980-2015. The study used the bound testing approach to show the relationship that exists among monetary policy variables (money supply, domestic credit, inflation and exchange rate), output growth, and trade balance and BOP adjustment in Nigeria. The study shows that the...

The paper investigates the long run behavior of house prices and their dynamic interactions with bank credits, real output and interest rate for the case of Malaysia. Apart from the aggregate house prices, the analysis also covers various house price sub-indices, namely, the terraced house price index, the semidetached house price index, the detached house price index and the high-rise price in...

This paper develops a multivariate model to test the effectiveness of monetary and fiscal policy for the economic growth in five Asian Countries (Pakistan, India, Thailand, Indonesia and Malaysia). Most of the previous studies in this area have paid less attention to stationarity, cointegration and causality issues. The series M1 (Money Stock), Government Expenditure, GDP and exports are tested...

Aggregate output is a focal point of macroeconomics. In the empirical literature, a number of variables are used as a proxy for aggregate output. In this paper, we compare the temporal behavior of four monthly measures of aggregate output: namely GDP, ICI, IP, and XCI. These four measures of output are found to have a common long-run permanent component but distinct short-run cyclical patterns....

Failure to timely identify the occurrence of various shocks in the foreign exchange market due to the close relationship with the monetary, macroeconomic, and financial uncertainty can lead to crises and imbalances. In this paper, the effect of exchange rate and investor confidence on monetary and economic uncertainty in Iran is investigated, specifying a Multivariate GARCH model and the Grange...