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Empirical Evidence For A Money Demand Function: A Panel Data Analysis Of 27 Countries In 1988-98

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Author Info
GARCIA-HIERNAUX, Alfredo
CERNO, Leonel

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Abstract

The purpose of this paper is to estimate the money demand function of Cagan (1956) using a panel data set covering 27 countries with different economic levels over the period 1988-98. The static fixed effects and the dynamic fixed effects reveal that a money demand equation exists. However, in contrast to the theory proposed by Cagan, estimates of the output elasticity of money demand are in the range from 0.18 to 0.20.

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Publisher Info
Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

Volume (Year): 6 (2006)
Issue (Month): 1 ()
Pages:
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Handle: RePEc:eaa:aeinde:v:6:y:2006:i:1_4

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Related research
Keywords: Money demand; Inflation; Panel data; Dynamic fixed effects;

Find related papers by JEL classification:
C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data
C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation and Testing
E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

References listed on IDEAS
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  1. Lucas, Robert E., 1988. "Money demand in the United States: A quantitative review," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 29(1), pages 137-167, January. [Downloadable!] (restricted)
  2. Ozmen, Erdal, 1998. "Is Currency Seigniorage Exogenous for Inflation Tax in Turkey?," Applied Economics, Taylor and Francis Journals, vol. 30(4), pages 545-52, April. [Downloadable!] (restricted)
  3. Dekle, Robert & Pradhan, Mahmood, 1999. "Financial Liberalization and Money Demand in the ASEAN Countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 4(3), pages 205-15, July. [Downloadable!] (restricted)
  4. Nasri Harb, 2004. "Money demand function: a heterogeneous panel application," Applied Economics Letters, Taylor and Francis Journals, vol. 11(9), pages 551-555, January. [Downloadable!] (restricted)
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  5. King, Robert G., 1988. "Money demand in the United States: A quantitative review," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 29(1), pages 169-172, January. [Downloadable!] (restricted)
  6. Garin-Munoz, Teresa & Amaral, Teodosio Perez, 2000. "An Econometric Model for International Tourism Flows to Spain," Applied Economics Letters, Taylor and Francis Journals, vol. 7(8), pages 525-29, August. [Downloadable!] (restricted)
  7. Sala-i-Martin, X. & Mulligan, C.B., 1992. "U.S. Money Demand: Surprising Cross-Sectional Estimates," Papers 671, Yale - Economic Growth Center.
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  8. JØrgen Wolters & Helmut LØtkepohl, 1998. "A money demand system for German M3," Empirical Economics, Springer, vol. 23(3), pages 371-386. [Downloadable!] (restricted)
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This page was last updated on 2009-12-19.

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