INFLATION UNCERTAINLY AND MONEY DEMAND: EVIDENCE FROM A MONETARY REGIME CHANGE AND THE CASE OF GREECE

Nicholas Apergis ()

International Economic Journal, 1999, vol. 13, issue 2, pages 21-30

Abstract: This paper has extended a money demand equation to include uncertainty of inflation as a specific argument. The empirical analysis shows that in Greece inflation uncertainly is described well by an ARCH process. A money demand equation that explicitly takes into consideration the inflation uncertainly process seems to be capable of capturing any money demand structural instabilities. These instabilities, in turn, are shown to have been caused by the monetary deregulation process occured in 1988. [E41, E42]

Date: 1999
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