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How stable is the demand for money in Greece?

Mohsen Bahmani-Oskooee () and Claire Economidou ()

International Economic Journal, 2005, vol. 19, issue 3, 461-472

Abstract: The cointegration technique is now a common method of estimating any money demand function. Numerous studies that applied this technique to estimate the money demand function in Greece, interpreted their finding of cointegration as a sign of stable money demand. In this paper, after incorporating CUSUM and CUSUMSQ tests into cointegration analysis, we show that even though M1 and M2 monetary aggregates are cointegrated with income and interest rate, the M2 money demand function is unstable while M1 is stable.

Keywords: Money demand; cointegration; stability test; Greece (search for similar items in EconPapers)
Date: 2005
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Handle: RePEc:taf:intecj:v:19:y:2005:i:3:p:461-472