La demanda de saldos monetarios en México: pruebas de homogeneidad, estabilidad y sensibilidad a la tasa de interés

José D. Liquitaya ()
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José D. Liquitaya: Profesor investigador del Área de Teoría Económico y Jefe del Cuerpo Académico Modelos Macroeconómicos, Departamento de Economía, Universidad Autónoma Metropolitana, Iztapalapa

Revista Nicolaita de Estudios Económicos, 2007, vol. II, issue 1, 53-74

Abstract: In this article, the structural characteristics of the demand for money in Mexico between 1985:2 and 2005:4 are examined. The main results are: a) There is a “stable” long run relationship between the real income, the price level and the demand of nominal money balances. The estimated vector coincides in signs, but not values, with the proposal economic theory. b) The demand of money is not homogeneous of degree one concerning the price levels neither the real income and is insensitive to the interest rate. c) However, the error correction model built constitutes a suitable instrument for simulate and forecast the future demand of nominal money balances.

Keywords: cointegration; demand of money; error correction model; homogeneity; sensibility; stability (search for similar items in EconPapers)
JEL-codes: C51 E41 E47 (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:ris:rnicee:0027

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