Monetary Uncertainty and Demand for Money in Korea

Mohsen Bahmani-Oskooee and Sahar Bahmani

Asian Economic and Financial Review, 2014, vol. 4, issue 3, 317-324

Abstract: 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.

Date: 2014
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