IDEAS home Printed from https://ideas.repec.org/p/syd/wpaper/2123-7592.html
   My bibliography  Save this paper

Testing for Long Run Money Demand Functions in Greece Using Cointegration Techniques

Author

Listed:
  • Karfakis, Costas I.

Abstract

Long run money demand functions for M1 and M3 are tested by means of the cointegration methodology developed by Johansen (1988). The results support the existence of an economically meaningful cointegrating vector for both measures of monetary aggregates. The rejection of a unit price elasticity of money demand suggests that money is not neutral in Greece. The significance of interest rate elasticity of M3 implies that the aggregate is subject to control through policy-induced interest rate movements and thus can serve as a useful monetary target.

Suggested Citation

  • Karfakis, Costas I., 1990. "Testing for Long Run Money Demand Functions in Greece Using Cointegration Techniques," Working Papers 151, University of Sydney, School of Economics.
    • Handle: RePEc:syd:wpaper:2123/7592
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/2123/7592
    Download Restriction: no
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:syd:wpaper:2123/7592. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Vanessa Holcombe (email available below). General contact details of provider: https://edirc.repec.org/data/deusyau.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.