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Is money demand really unstable? Evidence from divisia monetary aggregates

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  • William A. Barnett

    (University of Kansas)

  • Taniya Ghosh

    (Indira Gandhi Institute of Development Research)

  • Masudul Hasan Adil

    (Flame University)

Abstract

We revisit the issue of stable demand for money, using quarterly data for the European Monetary Union, India, Israel, Poland, the UK, and the US. We use the same linear modeling and specification approach that had previously cast doubt on money demand stability. Autoregressive distributed lag (ARDL) cointegration models are used in the study to establish a long-term relationship between real money balances and real output, interest rate, and real effective exchange rate. For all the countries analyzed, evidence of the existence of stable demand for money is found. Broad money in general is better at capturing a stable demand for money than narrow money. The stability results are especially strong, when broad Divisia money is used instead of its simple sum counterpart.

Suggested Citation

  • William A. Barnett & Taniya Ghosh & Masudul Hasan Adil, 2021. "Is money demand really unstable? Evidence from divisia monetary aggregates," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2021-005, Indira Gandhi Institute of Development Research, Mumbai, India.
    • Handle: RePEc:ind:igiwpp:2021-005
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    Cited by:

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    More about this item

    Keywords

    Narrow money demand; broad money demand; simple-sum monetary aggregates; Divisia monetary aggregates; ARDL cointegration approach;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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