Estimation of the Money Demand Function in Russia

K. Sosunov
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K. Sosunov: National Research University Higher School of Economics, Moscow, Russia
Authors registered in the RePEc Author Service: Kirill Sossounov

Journal of the New Economic Association, 2013, vol. 18, issue 2, 89-99

Abstract: In this paper following Ball (2012) we estimate the demand function for narrow money aggregate M1 in Russia for 2003-2012. We show that after inclusion of cash foreign exchange and relevant interest rate the money demand is stable in the long- and the short-run and estimated long-run elasticities and short-run dynamics of the money demand yields sensible values for the simple functional form. We also show that most of the short-run volatility of the money holding can be attributed to the slow speed of adjustment of the demand not to the unexplained shocks.

Keywords: macroeconomics; money demand; Russia (search for similar items in EconPapers)
JEL-codes: E32 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Related works:
Working Paper: Estimation of the Money Demand Function in Russia (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2013:i:18:p:89-99

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