Interest Free and Interest-Bearing Money Demand: Policy Invariance and Stability

Amir Kia ()
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Amir Kia: Finance & Economics Department, Utah Valley University

No 214, Working Papers from Economic Research Forum

Abstract: This paper, using quarterly Iranian data for the period 1966-1998, extends the literature by investigating the stability of the interest-free money demand function. The study also examines the stability of economic agents behavior in demanding interest bearing and interest- free money. It was found that, contrary to interest-bearing demand for money, both short and long run demand for interest-free money functions are stable and their coefficients are invariant with respect to policy and other exogenous shocks, as well as changes in regime.

Pages: 19 pages
Date: 2002-05-09, Revised 2002-05-09
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Citations: View citations in EconPapers (5)

Published by The Economic Research Forum (ERF)

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