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The Demand for Money in an Unstable Economy: A Cointegration Approach for the Case of Mexico

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  • Manuel Ramos-Francia

    (Centro de Investigacion Economica (CIE), Instituto Tecnologico Autonomo de Mexico (ITAM))

Abstract

Recently, much of the empirical research on money demand has been centered on the question of whether the demand for money is a stable relationship. The importance of this issue is underscored when modeling the demand for narrow money in countries such as Mexico, given that its economic environment is relatively more volatile than in industrialized economies. In this paper, we apply the Hendry methodology to develop a constant, data coherent demand for money equation for Mexico. The obtained specification appears to have desirable statistical properties as well as being remarkably constant in the face of a relatively volatile economic environment.

Suggested Citation

  • Manuel Ramos-Francia, 1993. "The Demand for Money in an Unstable Economy: A Cointegration Approach for the Case of Mexico," Working Papers 9306, Centro de Investigacion Economica, ITAM.
    • Handle: RePEc:cie:wpaper:9306
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    Cited by:

    1. Ramos Francia Manuel & Noriega Antonio E. & Rodríguez-Pérez Cid Alonso, 2015. "The Use of Monetary Aggregates as Indicators of the Future Evolution of Consumer Prices: Monetary Growth and Inflation Target," Working Papers 2015-14, Banco de México.
    2. Gerardo Esquivel & Raúl Razo, 2003. "Fuentes de la inflación en México, 1989-2000: Un análisis multicausal de corrección de errores," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 18(2), pages 181-226.

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