Monetary Uncertainty and Demand for Money in Korea
Mohsen Bahmani-Oskooee () and
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Sahar Bahmani: Department of Economics, University of Wisconsin-Parkside, Kenosha
Asian Economic and Financial Review, 2014, vol. 4, issue 3, 317-324
Friedman’s volatility hypothesis asserts that increased volatility of money supply can lower the velocity of money or increase the demand for money. Previous studies have tested this hypothesis by using data from a few industrialized countries. In this paper, we estimate the demand for money in Korea after including a measure of volatility of nominal money supply. We provide support for Friedman’s hypothesis in the short run as well as in the long run.
Keywords: hypothesis; asserts (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:asi:aeafrj:2014:p:317-324
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