On the stability of the long-run money demand in Greece

Costas Karfakis and Moise Sidir Opoulos
Authors registered in the RePEc Author Service: Moise Sidiropoulos

Applied Economics Letters, 2000, vol. 7, issue 2, 83-86

Abstract: The paper examines the existence and the stability of the long-run demand for narrow money balances (M1) in Greece over the deregulated period 1986:Q1-1995:Q4 using time series techniques. Cointegration tests have revealed the existence of a systematic long-run relationship between real money balances, real income, and the interest rate. An interesting aspect of the stability analysis is the evidence that the long-run money demand equation is stable over the sample period, implying that the narrow money aggregate could have been used as an intermediate target of monetary policy in Greece.

Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:taf:apeclt:v:7:y:2000:i:2:p:83-86

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DOI: 10.1080/135048500351861

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