The Impact of Stock Price Index on Demand for Money in Iran

Hassan Heidari, Hamidreza Faaljou and Farhad Adibzadeh

Journal of Monetary and Banking Research (فصلنامه پژوهش‌های پولی-بانکی), 2011, vol. 2, issue 6, 27-68

Abstract: Friedman (1988) introduced Stock Price Index (SPI) as explanatory variables into the money demand function. He explained that SPI has two effect substitution and income effects on money demand. This study examines the long-run effect of stock price on demand for money by using Bounds test approach to level relationship

Keywords: Stock Price; Money Demand Function; Granger Causality; Bounds Test (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:mbr:jmbres:v:2:y:2011:i:6:p:27-68

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