Testing The Quantity Theory of Money in Greece: A Note

Erdal Ozmen (ozmen@metu.edu.tr)

No 310, ERC Working Papers from ERC - Economic Research Center, Middle East Technical University

Abstract: This paper investigates whether the Greek data actually support the monetarist hypotheses as argued by Karfakis (2002). The results based on both ARDL and Johansen procedures consistently suggest that money and nominal income (prices) are endogenous for the parameters of the long-run evolution of velocity (real money balances). Thus, the basic postulation of monetarism, the exogeneity of money, appears not to be supported by the Greek data.

Keywords: Greece; Quantity Theory of Money (search for similar items in EconPapers)
JEL-codes: E4 E5 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2003-10, Revised 2003-10
New Economics Papers: this item is included in nep-mon
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:met:wpaper:0310

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