The Demand for Money in Greece: An Exercise in Econometric Modelling with Cointegrated Variables

Zacharias Psaradakis

Oxford Bulletin of Economics and Statistics, 1993, vol. 55, issue 2, 215-36

Abstract: This paper investigates empirically the relationship between the demand for real money balances and its determinants in Greece. The relationship under scrutiny is analyzed in the context of a small system involving money, prices, income, and interest rates using a recently proposed modeling strategy based on sequential reduction of a congruent vector autoregression. Special emphasis is placed on the importance of obtaining adequate representations of the nonstationary features of the data, as well as on the necessity of evaluating a model's adequacy through tests for congruence and encompassing. Copyright 1993 by Blackwell Publishing Ltd

Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:bla:obuest:v:55:y:1993:i:2:p:215-36

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